South Korea

A South Korean court has decided to allow two units of the collapsed STX shipbuilding group to be sold either separately or together, according to a sales notice seen by Reuters on Tuesday, opening the prospect of a separate sale of STX France. The French business, which specialises in building cruise ships at its former naval yard in Saint-Nazaire and is profitable, is expected by analysts to attract buying interest. Bids are due in by Nov.

Credit Suisse analysts are warning the insurance fallout from the demise of Hanjin Shipping could be one of the largest combined maritime claims in history. The final bill could be as high as $1.8bn, with half of it in marine insurance, the investment bank has warned.

Debt-ridden Hanjin Shipping Co. will reach out to major European shipping companies as early as this week to tap interest for at least five of its vessels as it tries to raise funds to unload stranded cargo, pay off creditors and re-emerge as an Asia regional carrier, people involved in the matter said, The Wall Street Journal reported. “The sale sign is up,” one of those people said. “They will reach out to Maersk Line, Mediterranean Shipping Co.

The collapsed Hanjin Shipping Co Ltd could not compete against global rivals that were supported by their governments, the chairman of its parent firm told a South Korean parliamentary hearing on Tuesday, Reuters reported. The world's seventh-largest container shipper sought court receivership in late August after its creditors led by a state bank halted further support, stranding $14 billion in cargo and sending waves through global trade networks. "Hanjin Shipping lost the game of chicken played among large shippers," Hanjin Group chairman Cho Yang-ho told the hearing.

Danish conglomerate A.P. Møller-Mærsk A/S isn’t likely to move to buy either Hyundai Merchant Marine Co. or Hanjin Shipping Co. contrary to industry speculation that it would take over either one or both of the troubled Korean cargo ship operators, according to people familiar with the matter, The Wall Street Journal reported. Instead, the company is likely to wait for other distressed operators to seek buyout deals as they try to avoid bankruptcy, the people said.

The South Korean court overseeing Hanjin Shipping's receivership process said on Wednesday that a sale of the world's seventh-largest container carrier, which collapsed late last month, is one of many options it is considering if the court concludes the company is to be rehabilitated, Reuters reported today. Judge Choi Ung-young, who serves as a court spokesman for media inquiries on the case, said a sale is possible in principle if it's deemed the best way to rehabilitate the company, but the court has yet to reach a decision. Hanjin, which filed for court receivership on Aug.

Failed South Korean container carrier Hanjin Shipping Co Ltd (117930.KS) told a U.S. judge on Friday that cargo owners were withholding up to $80 million in payments for completed shipments, complicating the company's ability to move stranded freight. "Hanjin is not the only bad guy here," Ilana Volkov, an attorney for the shipping company, said at a status hearing at a U.S. Bankruptcy Court in Newark, New Jersey. Hanjin lawyers said that many cargo owners had received their goods on credit but have yet to pay the shipping company.

Hanjin Shipping’s biggest shareholder and lead creditor are to provide funding to pay for the unloading of cargo from dozens of ships stranded at sea after the Korean company collapsed into bankruptcy, The Guardian reported. An estimated $14bn of cargo was trapped on Hanjin ships when the world’s seventh-largest container carrier collapsed late last month, creating havoc before the holiday shopping season. Korea Development Bank (KDB), Hanjin’s lead creditor, will offer a 50bn won (£35m) credit line.

Korea Development Bank (KDB), the lead creditor of Hanjin Shipping Co Ltd is considering lending about 50 billion won (34.51 million pounds) to help unload stranded cargo, a source with direct knowledge of the matter said on Thursday, Reuters reported. An estimated $14 billion of cargo was trapped on Hanjin ships when the world's seventh-largest container carrier collapsed late last month, creating havoc ahead of the crucial holiday shopping season.

The South Korean court overseeing Hanjin Shipping's receivership said a rehabilitation plan is "realistically impossible" if top priority debt such as backlogged charter fees exceed 1 trillion won ($896 million), South Korea's Yonhap newswire reported on Wednesday. Hanjin Shipping, the world's seventh-largest container carrier, filed for receivership late last month in a South Korean court and must submit a rehabilitation plan in December.