Hanjin Shipping in talks to sell Long Beach terminal 

Hanjin Shipping Co Ltd is in talks to sell its stake in the Long Beach Terminal in California to Geneva-based Mediterranean Shipping Company S.A. (MSC), a spokesman for the Seoul court overseeing the shipper’s receivership said on Friday.

Hanjin Shipping owns a 54 percent stake in Total Terminals International LLC, which operates Long Beach Terminal in the U.S. MSC owns the remaining 46 percent.

It has appointed an advisor, an overseas firm specialising in shipping industry talks, to help with the negotiations, the court spokesman said.

Hanjin, the first major shipping line to be dragged down by global industry overcapacity and low freight rates, put up other assets such as its U.S.-Asia route manpower and logistics systems, five container ships and 10 overseas businesses, for sale earlier this month.

Hyundai Merchant Marine Co Ltd said it is considering submitting a preliminary bid for Hanjin assets used in its U.S.-Asia routes, but prospects for additional interest are unclear.

Hanjin, which filed for court receivership on Aug. 31 after its creditors cut off financial support for the firm, had total debt of 6.03 trillion won ($5.4 billion) as of end-June.

 



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