South Korean shipbuilder STX Offshore and Shipbuilding has had its debt restructuring plan approved by its creditors, allowing it to continue operating, IHS Jane’s reported. The company, which owns a major commercial and naval shipyard in Saint-Nazaire in France, is currently being offered for sale by a bankruptcy court overseeing the claims of organisations, which had provided the company with an increasing amount of credit.

South Korea said on Tuesday that 94 out of 97 Hanjin Shipping Co Ltd's container ships have completed unloading as of Nov. 7, Reuters reported. Of the remaining 3 ships, two ships will be unloaded as soon as possible while relevant authorities are in talks with Shanghai port authorities to unload one seized ship in Shanghai, the country's finance ministry and the Ministry of Oceans and Fisheries said in a joint statement. Hanjin filed for court receivership on Aug. 31 after its creditors cut off financial support for the firm.

Four parties have expressed interest in buying one or both of South Korea's STX Offshore & Shipbuilding Co Ltd and a controlling stake in STX France SA, a spokesman for the Seoul court overseeing STX Offshore's receivership said on Friday. The Seoul Central District Court spokesman declined to comment on the names of the parties. The South Korean court in October decided to allow the two units of the collapsed STX shipbuilding group to be sold either separately or together.

Germany's HSH Nordbank has arranged a deal which will see six container ships from collapsed South Korean line Hanjin chartered out to Denmark's AP Moller Maersk, the state-backed lender said on Thursday, Reuters reported. This is one of the first examples of Hanjin's lenders looking to resolve the fallout from the shipping firm's collapse in August, which has left an estimated $14 billion in cargo stranded on its ships. HSH, which was among a consortium of banks that had financed Hanjin ships, said in a statement that Maersk's container unit, the world's No.

The cost to restructure debt laden shipping and shipbuilding industries here will be as much as 31 trillion won ($27 billion), according to the International Monetary Fund (IMF), The Korea Times reported. In a report, "Benefits and Costs of Corporate Debt Restructuring: An Estimation for Korea," the IMF said it will take about 10 years to recoup the costs, with the restructured industries contributing to economic growth by restarting investment and hiring new employees.

Hanjin Shipping Co Ltd chose an advisor to seek a potential sale of its stake in Long Beach Terminal, a spokeswoman said on Friday. Hanjin Shipping chose the advisor with the approval of the Seoul court overseeing the shipper's receivership, the spokeswoman said, declining to name the advisor. The collapsed shipper owns a majority stake in Total Terminals International LLC, which operates Long Beach Terminal. Read more.

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.