Cosco Shipping can acquire terminal assets of bankrupted Hanjin

cosco shippingThe Chinese company Cosco Shipping can acquire terminal assets of the bankrupted South Korean carrier Hanjin Shipping, consisting of two container terminals in South Korea and one in the port of Long Beach, California. The negotiations for transaction are in early stage, but might complete in recent months. The finance details of transaction are not yet disclosed, but it is under approval from the concerned anti-trust authorities. However, Cosco is only interested in terminal assets of Hanjin Shipping and not willing to buy some of the vessels of the bankrupted container carrier.

“We would like to study it if it’s put on the table and if there’s a willingness to sell on Hanjin’s part”, said chairman of Cosco Shipping, Xu Lirong. “We have no plans to buy the South Korean liner’s vessels”, added he.

Hanjin Shipping has filed in Central District Court in Seoul for bankruptcy on August 31, forming the largest fault in container industry in the world’s history. The company is currently the seventh largest container line min terms of capacity. The Central District Court in Seoul overseeing the bankruptcy protection of Hanjin said that it was considering a sale of the entire company, but no giving specific details.