Korean owners plan fleet sale

A GOVERNMENT-linked financial institution has formed a sale and lease-back scheme for South Korean shipping companies facing a financial crunch.

Korea Asset Management plans to acquire 62 ships through a specially created fund amounting to 4.3 trillion won ($3.3Bn).

Shipping sources confirmed to Fairplay that applications for sale and leaseback of vessels have been received from 15 Korean shipping companies, including Hanjin Shipping, Hyundai Merchant Marine, STX Pan Ocean and Korea Line.

The sale price is still being negotiated, though the first round of purchases is slated to be completed by end-July. Sources close to Hanjin Shipping told Fairplay that the company is planning to sell 16 ships.

According to market sources, Hyundai Merchant Marine will sell eight vessels, STX Pan Ocean six and Korea Line three. A GOVERNMENT-linked financial institution has formed a sale and lease-back scheme for Korean shipping companies facing a financial crunch.

Source: Fairplay