It is reported that Hanjin Shipping is not planning to sell off its domestic container terminals
Mr G S Choi Logistics division vice president told Lloyd's List that it's not true that the global shipping group is planning to offload its terminal stakes.
Ms Sonya Chu Hanjin Shipping spokeswoman was also quoted saying that you can discard the rumor regarding the terminal stake. Ms Chu however, did confirm that Hanjin is indeed planning to sell and lease back some 30,000 container units.
Local newspaper Maeil Business reported that the South Korean shipping major is seeking to offload its stakes in domestic and overseas terminals. Maeil also claimed that the Seoul listed company is planning to sell and lease back 30,000 container units in an effort to boost its cash flow.
Hanjin by most accounts, ranks between number 10 and 12 among the world's largest box shippers, but is also active in most other segments of the shipping industry from bulk shipping to terminal operations. Claims of the company plans to offload its terminal stakes have come despite it recently winning the rights to operate three berths at Busan in partnership with PSA International.
The Hanjin-PSA consortium had only recently made the bid, after the Busan Port Authority launched three tenders inviting interested operators to make a bid for the berths, which were acquired earlier this year from Pusan Newport Co. The third tender received two bids from Korean Express and the PSA Hanjin consortium. The tender was only launched on August 17th and closed on August 24th. The port authority made its decision on August 26th.
The company was then reported to be in the midst of construction of an additional three new terminals in Spain the US and Vietnam which were slated to open between 2010 to 2012. Meanwhile, reports had surfaced in July that Hanjin along with fellow South Korean majors Hyundai Merchant Marine and SK Shipping would be taking a combined USD 482 million loan to refinance some of their LNG carriers.
The three companies have apparently signed 10 year loans of some USD 160 million each after Korea Gas provided a letter of undertaking to contract the ships cargoes. Other recent major developments for Hanjin include the signing of a KRW 1.38 trillion contract in late August to ship iron ore for a period of 20 years for steel giant Pohang Iron and Steel Company.
Hanjin reported net loss of KRW 273.8 million in the Q1 2009 due to a sharp decline in demand for shipping and lower freight rates while Q2 2009 reportedly saw it sink to an even bigger loss of USD 325 million.
