Against all expectations, Korea Line has been awarded the first right to purchase the assets of Hanjin’s routes and its stake in a US terminal. Surprisingly enough, Seoul’s central district court did not decide in favour of Hyundai Merchant Marine (HMM), South Korea's largest container carrier after Hanjin withdrew from the market.
Negotiations for a contract with Korea Line, founded in 1968 and an operator of dry bulkers and LNG vessels, will be finalized next week. Despite the weak industry conditions, Korea Line and Hyundai Merchant have both been expanding their fleets in recent months.
The Hanjin assets at stake include five containerships and a 54% stake in Total Terminals International which runs the Long Beach terminal in California.
Fonte: ITJ - International Transport Journal