Hanjin Shipping has sold its 21% stake in TCIT. (Photo: www.tcit.com.vn)
South Korea’s Hanjin Shipping has sold its 21.3% stake in the Tan Cang-Cai Mep International Terminal (TCIT) in order to stay afloat financially, according to The Korea Herald.
The firm, which is South Korea’s largest container line, sold its shares for 23 billion won ($20 million) to its affiliated logistics company, Hanjin Transport.
The divestment is part of the Hanjin Shipping’s plan announced in April to raise about 411 billion won ($358 million) under its debt revamp plan by selling its key assets and rights. The shipper has secured over 267 billion won through selling its assets including the company’s trademark rights, operating rights on Southeast Asian routes, and London and Tokyo buildings.
TCIT began operations in 2011 as a joint venture between Hanjin, MOL, Wan Hai Lines and Saigon New Port Co. for a new port with an annual capacity of 1.15 million 20-foot-equivalent units.
The facility handled 243,000 TEUs in the first three months of 2016, representing an increase of 0.4% from a year earlier. Traffic at the terminal is expected at 1.1 million TEUs this year.