Hanjin Shipping Co.'s Container Ships In Port As Cargo Owners Say Bid To Unload Vessels Isn't Working
A container is unloaded from the Hanjin Gdynia cargo ship berthed at the Port of Long Beach in Long Beach, California, on Sept. 15, 2016.  Tim Rue/Bloomberg via Getty Images

Hanjin Shipping Enters Talks to Sell Its Stake in Long Beach Terminal

Oct 21, 2016

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

It has appointed an advisor, an overseas firm specializing 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 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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