South Korea’s cash-strapped shipping firm Hanjin Shipping has decided to sell its stake in the Vietnamese Tan Cang Cai Mep International Terminal (TCIT) as it struggles to raise more money, the company said in a stock exchange filing.
On Tuesday, the shipping firm said that it is selling its stake of over 21 percent in the terminal, raising a total of some KRW 37.7 billion (USD 32.8 million).
TCIT is a joint venture company of Saigon Newport Corporation with three shipping lines including the Japanese Mitsui O. S. K. Lines, Hanjin Shipping, and Taiwan’s Wanhai Shipping.
Last week, Hanjin Shipping started negotiations with local and financial companies in an effort to delay the repayment of its KRW 2.5 trillion (USD 2.16 billion) debt by up to three years.
The company, which is currently under creditor-led restructuring, has been in talks with shipowners on charter rate cuts. Hanjin’s first round of talks with 22 shipowners failed to receive any positive response.
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