Kamis, 26 Desember 2013

Hanjin Shipping Sells Bulk Carrier Unit Stake for $283 Million

Hanjin Shipping Co. (117930), Southern united states Korea’s largest sea- cargo carrier, mentioned it'll sell a majority stake in the bulk-shipping company included in a intend to raise money and cut debt.

Hahn & Co., a Southern united states Korean private equity fund, can spend three hundredunited nations monitors. the unarmed observers have billion won ($283 million) for any 76 % stake Hanjin Shipping’s bulk-carrier business, the actual cargo carrier mentioned inside an e-mailed statement nowadays. The actual Seoul-based liner can maintain the remainder.

Hanjin Shipping mentioned last week it plans to raise 1. 97 trillion won selling a number of the property such as vessels and stakes in container terminals to repay debt. Southern united states Korea’s 3 biggest shipping corporations all face a money crunch as 3 trillion won of bonds are due for repayment in subsequent 2 many a long time amid mounting losses from a worldwide slump in rates to carry cargo.
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Hahn & Co., that also will invest 100 billion won straight into the venture, can management a company which has 36 vessels which Hanjin Shipping nowadays operates below long-term contracts.

Hanjin Shipping’s debt-to-equity ratio can fall to 673 % from 987 % in finished of September, once the actual venture starts operations as early as in April, consistent with the actual statement. The actual 1. 4 trillion-won debt related to the actual 36 vessels will certainly be transferred towards the venture, it mentioned.

Korean Air Lines Co., an affiliate from the shipping company, mentioned last week it'll give 100 billion won in loans, on prime from the 150 billion won it gave to Hanjin Shipping in October. Korean Air also will purchase four hundred billion won of latest shares the actual shipping company plans to sell subsequent year.
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Hanjin Shipping has concerning 1. 56 trillion won of debt, as well as bonds and loans, coming due subsequent year and 1. 08 trillion won in 2015, consistent with the corporate. In finished of September, it had money and near-cash components of 382 billion won.

Hahn & Co. nowadays manages concerning 850 billion won in property in cement, auto elements and electronics elements. The actual fund dropped a bid in February to purchase Korea Line Corp., the actual country’s second-biggest operator of bulk ships which was a then below court receivership.

Cargo News : source  http://www.businessweek.com/news/2013-12-26/hanjin-shipping-sells-bulk-carrier-unit-stake-for-283-million

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