Korea Lines outbids Hyundai for Hanjin assets

Korea Lines, has entered the container shipping business after a South Korean court approved its bid for assets of Hanjin Shipping.Hanjin’s bankruptcy, and the carrier’s tie-ins with other carriers through vessel sharing agreement, created havoc for shippers in the midst of the U.S. holiday importing season.
Final sales documents will be signed Nov. 21, according to a report from Bloomberg.
Hyundai Merchant Marine had been the early favorite in the fight for Hanjin’s 7% market share in Asia-to-United States container business, but the Seoul Central District Court regarded Korea Line’s offer, which included employee retention, as more favorable. No other details on the bid are available right now.
The deal included ship assets as well as Hanjin’s 54% stake in California’s Long Beach terminal, according to the report.
While the Hanjin saga appears to be nearing an end, ocean freight carriers still face a capacity glut that could offset the near-term spike in rates that followed Hanjin’s going into receivership in late August.
More will be known on the effect on shippers after the rate-negotiating season ends in late first-quarter, early second-quarter next year.
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