Bank sells off four Hanjin ships

Hanjin Shipping
South Korea’s Woori Bank has sold four tankers owned by bankrupt Hanjin Shipping for USD58.6 million, aiming at recovering KRW36.8 billion (around USD30 million) of uncollected ship financing debt.

The ailing shipping company filed for court receivership on August 31, 2016, after its creditors said they would no longer financially support it.

Following Hanjin’s filing for court protection, the company handed over its 44 vessels, acquired with the help of the borrowed money, to the creditors.

The four ships, between eight and nine years old, are the first among the 44 vessels to be disposed of, The Korea Herald cited the bank as saying.

The tankers were put on sale in September on public bidding and the bank selected a Hong Kong-based shipping company as the final buyer.

Subsequently, the sales agreement between the two parties was reached on November 24, 2016.

The four tankers are expected to be delivered to the buyer by the end of December.



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