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Home Topics in Depth Economics Bankrupt shipper Hanjin selling terminal operations at Port of Seattle

  • tiamat (678 posts)
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    Bankrupt shipper Hanjin selling terminal operations at Port of Seattle

    <> South Korea’s Hanjin Shipping, one of three major companies that calls on Seattle’s Terminal 46 near the stadiums, filed for bankruptcy protection at the end of August, worrying local retailers about the fate of their cargo. Hanjin had been delivering about three major shipments per week to the Port — nearly one-third of the traffic at Terminal 46 — and owned the company that operated the terminal.

     <> The new owner is Luxembourg-based Terminal Investment Limited, an affiliate of Switzerland-based Mediterranean Shipping, one of the biggest shipping companies in the world. The firm helps operate about 30 terminals around the world and already owned the 46 percent of Total Terminals International not owned by Hanjin.

    Terminal Investment plans to eventually sell a portion of the Seattle operations to South Korea’s Hyundai Merchant Marine.

    As part of the Hanjin deal, the new owner is forgiving a $54.6 million outstanding balance due from Hanjin and taking on $202.9 million in debt, which is a big reason why the $78 million purchase price was so low. <>


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