Three ships chartered to troubled Hanjin sold, more on the block

Wed Sep 14, 2016 5:44am EDT
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By Brenda Goh and Keith Wallis

SHANGHAI/SINGAPORE (Reuters) - Three ships chartered to Hanjin Shipping Co Ltd 117930.KS have been sold and two more vessels are up for sale, ship brokers said on Wednesday, kicking off an asset sale sparked by the failure of the world's seventh largest container shipper.

Around $14 billion of cargo has been tied up globally as ports, tugboat operators and cargo handling firms worried about not being paid refuse to work for Hanjin, which filed for receivership in a Seoul court on Aug 31.

While some ships have been offloaded since then, bottlenecks are forming at some ports and truck yards as containers pile up.

Three bulk carriers, used for carrying commodities such as iron ore, coal and grain, were sold by lessors for a total of almost $39 million, according to data from ship valuation firm VesselsValue.

The largest, the 180,000 deadweight tonne (DWT) capesize Hanjin Matsuyama, was sold by Japanese shipping firm Kumiai Senpaku to Singapore-based Winning Shipping for $22.75 million, according to the data. An official at Winning said the deal had not yet been completed.

The five-year old ship, last tracked off South Korea, was sold charter-free, meaning it is no longer chartered by Hanjin Shipping, a ship broker told Reuters.

The two smaller 37,000 DWT handyside vessels have been sold to Greek buyers, also charter-free, the broker said.

Vessels that are sold can be bought by their new owners with existing charter, or rental, agreements in place or charter-free, meaning they can be hired out to new firms such as commodities companies.   Continued...

A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson