Hyundai’s Hanjin Bid Beaten

Update November 22, 2016

Excerpt from: 

Hanjin Shipping said today compatriot Korea Line Corp has paid $31.4m to take over its transpacific assets, a deal which includes five boxships but not a stake in a terminal in Long Beach, California, as originally outlined when Hanjin first put these assets in the shop window.  Under the deal, 574 employees of Hanjin Shipping will transfer and work for Korea Line.

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Excerpt from: Maritime Executive | November 14, 2016

South Korea’s Korea Line Corp was picked as the preferred bidder to buy troubled shipping company Hanjin Shipping Asia-U.S. operations, beating Hyundai Merchant Marine, a spokesman for a Seoul court overseeing Hanjin Shipping’s receivership said on Monday.

The spokesman said Korea Line offered higher prices than Hyundai Merchant Marine, but did not disclose the value of the potential deal.

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Maritime Executive

Photo Source: MarEx

Photo Source: MarEx