Logistics And Frieght Forwarding

Hanjin Shipping in talks to sell Long Beach Terminal stake to MSC

A tugboat passes Hanjin Hungary container ship at PSA’s Tanjong Pagar terminal in Singapore September 28, 2016. REUTERS/Edgar Su/File Photo

By Joyce Lee[1] | SEOUL

SEOUL Hanjin Shipping Co Ltd (117930.KS) 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 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 Co Ltd (011200.KS) 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.

(Reporting by Joyce Lee; Editing by Stephen Coates and Edwina Gibbs)

Next In Deals

Samsung in talks with LG Chem for new smartphone batteries: Nikkei

Samsung Electronics Co Ltd is in talks with LG Chem Ltd to supply batteries for its new smartphones, the Nikkei newspaper reported, citing sources.

Exclusive: Digital media company Everyday Health explores sale – sources

Everyday Health Inc, a U.S. operator of health-related websites, is exploring strategic alternatives, including a possible sale, people familiar with the matter said on Thursday, just two years after the company’s initial public offering.

Varian Medical Systems draws well-timed option bets

NEW YORK Bullish options on Varian Medical Systems Inc stock saw unusually heavy buying on Thursday before the shares spiked on an unsubstantiated report that General Electric could be in talks with the medical devices company about a possible takeover.

References

  1. ^ Joyce Lee (www.reuters.com)



Leave a Reply

Your email address will not be published. Required fields are marked *

*