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Hanjin assets sold for US$460 million

LONDON: January 30, 2017. Following the bankruptcy of Hanjin Shipping last August, the company has sold, scrapped or re-chartered a third of its 98-vessel fleet for US$460 million according to Drewry Maritime Research.

Hanjin ship salesDrewry estimates some 63 ex-Hanjin ships with nearly 460,000 TEU-capacity remain parked awaiting buyers or charterers. They include Hanjin Europe, one of the three 13,092 TEU units sold in December. Another six similar-sized vessels are to be auctioned next month.

Maersk Line has chartered 11 ex-Hanjin vessels totaling 77,000 TEU, including two 13,000 TEU ships that were sold in December and now redeployed as Maersk Emerald and Maersk Ensenada in the 2M Alliance Asia-Europe network.

Drewry said it expects another eight or nine vessels to be in commercial use again soon, including four Hanjin-owned units with a capacity of 4,275 TEU purchased by the Korean Marine Transport Company, and five more vessels acquired by the Korean Samra Midas Group each with a 6,655 TEU capacity.

In addition Seaspan Corporation has acquired four Hanjin vessels each with a capacity of 4,275 TEU (see chart right).

"Accounting for the less than transparent ownership details, we estimate that there remains up to as much as 150,000 TEU of Hanjin-owned ships that is still for sale," said Drewry.

"With such a glut of containerships already available and limited demand growth, it is debatable just how big a market they can attract even at knock-down prices. The biggest and youngest ships are likely to have the biggest pull," it noted.

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