10
Hanjin Shipping vessels up for sale
The
state-run Korea Development Bank, the main creditor of the near bankrupt Hanjin Shipping Co., has put 10 vessels of the shipping
line up for sale, to retrieve part of its extended loans, industry sources said
Wednesday.
According
to the sources, potential buyers are required to submit their bids for the
ships ― two container ships and eight bulk carriers ― by Feb. 21.
Hanjin Shipping
returned its ships purchased with bank loans to the respective lender last year
as the ocean carrier was put under court receivership in September with heavy
debts and mounting losses.
Woori
Bank and the Export-Import Bank of Korea each sold off four Hanjin
ships last year.
Earlier
this month, a local court decided to announce the liquidation for the
cash-strapped shipping firm on Feb. 17.
Hanjin Shipping, once
the world’s seventh-largest ocean carrier, and local
shippers have been under financial strain due to falling freight rates stemming
from an oversupply of ships and a protracted slump in the global economy.(Source:
Yonhap)