Overcapacity and the uncertainty surrounding its future increase the possibility of more of its ships being sold.
Three chartered ships have already among the dozen ships belonging to Hanjin Shipping Co Ltd, which are expected to be put up for sale.
With Hanjin filing for receivership in Seoul on August 31, cargo worth nearly $14 billion has been tied up globally since cargo handling firms, port operators and tugboat operators are unwilling to work with Hanjin’s ships due to the high probability of receiving their dues.
As per VesselsValue, a ship valuation firm, 3 bulk carriers carrying commodities including grains, irons, coal and ore have been sold for $39 million.
The largest container having a dead weight of 180,000 has been purchased by Winning Shipping, a Singaporean firm, for $22.75 million, as per VesselsValue.
However, according to a man who identified himself as the head of Winning Shipping’s purchasing department, has stated that the deal has been agreed upon but payment for the same is yet to be made.
“We began talking about the deal before the news about Hanjin began emerging, we were already in the process of buying it,” said the man.
Meanwhile the two smaller ships have been sold to buyers in Greece.
“After news of (Hanjin’s) collapse they were redelivered early to financiers and sold charter free,” said a ship broker.
Prices of ships are currently undervalued since the industry is suffering from over-capacity.
Ship brokers expect more Hanjin ships to be put on the block given the company’s financial scenario. Furthermore, the Uncertainty surrounding Hanjin’s future make those possibilities more real.
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