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Wednesday, September 16, 2009

Hanjin Shipping dismisses terminal stake sale reports

Seoul: Hanjin Shipping has stridently denied claims it plans to sell its local terminals. Multiple sources within the Korean firm have told the media that the speculation that the cash strapped company would offload its terminals, including those it operates in a jv with Macquarie Korea Opportunities Fund, is completely false. However, the company has confirmed that it intends to free up some of its liquidity through the sale and lease back of approximately 30,000 container units.
The company operates a global network of 12 dedicated container terminals as well as off-dock terminal yards and 3PL services including US domestic services.
Hanjin Shipping recently signed 20-year Consecutive Voyage Contracts with POSCO for the transportation of 2.4 million tons of iron ore from Brazil to Korea on annual basis. The total transport volume is estimated to be 48.46 million tons until year 2031 creating revenue of approximately KRW 1.38 trillion, which is nearly 15% of the company’s total sales.  [15/09/09]