Hanjin Shipping said it had secured KRW 300 billion (about $297 million) through the spin off of its bulk shipping business to a new company that will be jointly owned by Hanjin and Hahn & Co., one of the largest private-equity companies operating in South Korea.
Hanjin is contributing 36 vessels to the company, including seven LNG ships.
The joint venture company will take over Hanjin Shipping’s dedicated dry bulk business, which does work for POSCO (formerly Pohang Iron and Steel Company), Korea Electric Power Corporation, the logistics company GLOVIS and Korea Gas Corporation.
Hanjin spins off bulk business
