Korea Line’s Shareholders Reject Purchase of Hanjin Assets

Image Courtesy: Hanjin Shipping

The shareholders of the South Korean shipping company Korea Line Corp., part of SM Group, have refused to approve the purchase of Hanjin Shipping’s Asia-US route network, according to Yonhap News Agency.

Namely, the proposal to buy the route network and the bankrupt Korean carrier’s client information related to the route was rejected during the company’s shareholders meeting.

The move comes less than two months after Korea Line Corp signed the KRW 37 billion purchase deal, which included Hanjin’s subsidiaries and logistics management systems in seven countries, covering the US, China and Vietnam.

According to Korea Line’s stock exchange filing, the company expected the asset sale to be finalized on January 5, 2017.

The company was selected as the preferred bidder for Hanjin’s Asia-US route network and for the firm’s stake in a container terminal at California’s Long Beach in early November as it outbid its compatriot Hyundai Merchant Marine (HMM), after both companies submitted their final proposals to buy the assets.

However, Korea Line decided to withdraw from the race for Hanjin’s 54% stake in terminal operator Total Terminals International (TTI), which operates two facilities in Long Beach and Seattle, in early December.

The share was estimated to be worth around KRW 400 billion (USD 342.5 million).

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2017 >>
MTWTFSS
27 28 29 30 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31

APM – ASIA PACIFIC MARITIME 2018

27 years in the making, APM is the premier shipbuilding & marine, workboat and offshore exhibition in Asia trusted by generations of industry professionals.

read more >

Mega Cargo Show 2018

The focus of the event is to bring all connected with cargo fraternity on a single platform…

read more >

Vietship 2018

Vietship is the largest and longest established exhibition in Vietnam featuring all aspect of Shipbuilding, Shipping and Offshore Technology.

Since its first event in 2002, Vietship has become the convergence and platform of advanced technologies regional and worldwide in shipbuilding and ship repair, marine equipment, waterway transportation and services, marine and offshore engineering.

After 16 years of eight consecutive editions, Vietship has affirm itself as an important event in enhancing cooperation and development, attracting investments, exchanging technology and creating ideal opportunities for trade promotion in the international maritime industry.

More info

read more >

LNG Bunkering Summit 2018

The conference will cover the obstacles facing both the shipping and port communities, exploring developments in conversion and new builds…

read more >