Report: Hanjin Shipping to Delist on March 7

Image Courtesy: Hanjin Shipping

South Korea’s former shipping giant Hanjin Shipping is scheduled to be delisted from the local bourse on March 7, Yonhap News Agency said citing industry sources.

After entering the market in late December 2009, the company reached a record high of KRW 38,694 per share in January 2011.

Although its net profit in 2010 stood at KRW 289 billion, Hanjin Shipping plunged to a net loss of KRW 824 billion a year later, mainly driven by an increased competition in the shipbuilding sector and a depression in the global shipping industry.

The shipping company’s 40-year business officially ended on February 17 when the Seoul Central District Court declared Hanjin Shipping bankrupt, some six months after it filed for court receivership.

A bankruptcy trustee has been appointed to lead the sale of Hanjin’s remaining assets to pay off debts, with creditors required to file their claims by May 1.

However, the rate of debt recovery for unsecured creditors is expected to be close to zero as most of the company’s unencumbered assets are being sold at very low prices, according to Alphaliner.

As at September 30, 2016, the shipping firm’s total liabilities stood at KRW 6.69 trillion, including borrowings of KRW 4.56 trillion and trade payables of KRW 2.02 trillion.

The company’s total assets were valued at KRW 4.34 trillion while shareholder’s equity showed a deficit of KRW 2.35 trillion, Alphaliner informed.

World Maritime News Staff

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