Hanjin Talks on Long Beach Sale
Hanjin Shipping Co Ltd is in talks to sell its stake in the Long Beach Terminal in California to Geneva-based Mediterranean Shipping Company S.A.(MSC), reports Reuters.
The court overseeing Hanjin's receivership says the company is negotiating with MSC, it's partner in the terminal and which has first right of refusal.
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.
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.