Two Final Bids for Hanjin

Maritime Activity Reports, Inc.

November 13, 2016

Photo: Hanjin Shipping Co

Photo: Hanjin Shipping Co

 Bankrupt Hanjin Shipping Co has received two final bids for its Asia-U.S. route and its 54% ownership in the Long Beach terminal, the Wall Street Journal reported.

 
Hyundai Merchant, South Korea’s largest shipping line, and Korea Line, a smaller operator, have both submitted proposals to acquire Hanjin’s trans-Pacific assets.
 
In their proposals, both companies also expressed their intention to purchase Hanjin’s 54% stake in Total Terminals International LLC, which runs Long Beach Terminal in California.
 
The bidders declined to provide further details, such as bidding prices for Hanjin’s assets.
 
A judge at the Seoul Central District Court, which is handling Hanjin's insolvency proceedings, said the court planned to choose a preferred buyer by Monday and sign a formal contract by Nov. 21.
 
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