German bank snaps up nine Hanjin neopanamaxes

Germany-based HSH Nordbank has bought nine neopanamax Hanjin Shipping boxships for an undisclosed sum and is leasing them to the partners of the 2M alliance. Maersk will take six of the ships and MSC the other three. The first ship will deliver in December.

Hanjin is looking to shrink back to being an intra-Asia operator. It has until December 19th to produce a rehabilitation plan to a court in Seoul. However, its debts outweigh its assets to such a degree that it is considered touch-and-go whether any viable plan can be constructed.