Hanjin Shipping sells stake in Vietnamese terminal
HANJIN Shipping, South Korea's largest shipping line, is selling its entire stake in Tan Cang-Cai Mep International Terminal (TCIT) to raise about Won23bn ($20m).
According to MANA,,The financially-troubled shipping line told the Korean stock exchange that the TCT stake sale was part of efforts to boost its liquidity..
TCIT is a joint venture company of Saigon Newport Corporation, Vietnam's biggest terminal operator, and three shipping lines Mitsui OSK Lines, Taiwan's Wan Hai Lines and Hanjin Shipping. The capital investment for the project was placed at $100m, the TCIT website showed.
The terminal, which started operatons in January 2011, can handle vessels of 15,000 teu in capacity and those with deadweight up to 160,000 tonnes. It has three berths and a 34-hectare container yard.
TCIT expects to handle more than 1.1m teu containers this year, it said earlier this month. This compares with the 979,221 teu container throughput last year. In the first quarter of 2016, the terminal handled 242,944 teu. TCIT is equipped with nine ship-to-shore cranes, 20 electrified rubber-tyred grantry cranes, and five tractors along other facilities.