Hanjin’s sale of Pacific routes to Korea Line fetches only KRW37bn

Insolvent shipping line Hanjin Shipping Co said on Tuesday that it would sell part of its container ship business to Korea Line Corp for KRW37bn ($31.4m).

Korea Line will buy Hanjin’s Pacific routes shipping business, relevant client management information, units in seven countries including the United States, China and Vietnam, as well as assets and manpower related to logistics systems, Hanjin said in a regulatory filing. The amount paid is considerably lower than estimates published when the news was first released to the general public – by a spokesperson of the Korean Court in charge of Hanjin Shipping’s rehabilitation. At that time there were estimates that the business could fetch KRW85m. The sale will complete on January 5th 2017.