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Final curtain for Hanjin after court bankruptcy declaration

Fri 17 Feb 2017 by Rebecca Moore

Final curtain for Hanjin after court bankruptcy declaration
Hanjin has been declared bankrupt by Seoul Central District Court

The plug has been pulled on Hanjin Shipping after it was declared bankrupt by Seoul Central District Court today (17 February).

Hanjin applied for court receivership in August last year. After the declaration of bankruptcy, the court handling the liquidation process will sell off the remaining assets and give the money to the creditors.

According to VesselsValue, nine Hanjin vessels are currently for sale (seven bulkers and two boxships). Others are expected to go following the liquidation. Since October 2016, VesselsValue said four boxships had been sold (two supramax, one panamax and one post panama container ship), all with an average age of 19 years.

According to Drewry Shipping Consultants, more than two-thirds of Hanjin-operated container ships remain inactive – while sales have so far totalled US$460 million in auction houses with more to follow.

Drewry research shows that four vessels of 15,000 teu in total have been scrapped, two of which were owned by Hanjin and none older than 20 years, while another 31 ships (134,000 teu) have found new service elsewhere.