Hanjin banks $300m

Korea's Hanjin Shipping has raised KRW 300bn ($298m) as it completed the spin-off of its bulkers and LNG carriers.

In December, Hanjin sold a 78% stake in its bulk-shipping arm to private equity company Hahn & Co.

The venture has been named H-Line Shipping, which has 36 ships, including seven Hanjin LNG carriers injected into the company.

Hanjin said its debt ratio and financial structure will be improved by transferring KRW 1.3 trillion of ship finance and debt to the joint venture.

Hahn is also investing KRW 100bn into H-Line, which is taking over Hanjin's charters with domestic energy groups Posco, Kepco and Kogas, plus logistics company Glovis.

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