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Hanjin Shipping sells London property for $57m to raise cashHanjin Shipping sells London property for $57m to raise cash

South Korea’s Hanjin Shipping announced that it has sold its London office for KRW66.7bn ($57.2m) as the shipowner attempts to ease its liquidity shortage and reduce debts.

Lee Hong Liang, Asia Correspondent

March 29, 2016

1 Min Read
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Seoul-listed Hanjin Shipping did not disclose the buyer of the London property in its regulatory filing to the stock exchange.

The cash pocketed from the property sale is expected to go towards refinancing its debt worth over $400m due in the first half of this year, according to The Korea Herald.

In 2015, Hanjin Shipping returned to the black with a profit of $6m, as against the loss of $396m in 2014.

Hanjin Shipping’s core container shipping business is also facing challenges of a global market slowdown, prompting the shipowner to remove capacity on its Asia to North Europe trade lane starting April in order to reduce operating expenses.

About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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