The company issued the notes to Daewoo Securities, Samsung Securities, Woori, Mirae and Hyundai Securities.

They each get KRW 1.92bn, with interest at 7.43%.

The bonds mature in 2017 and are convertible into common shares between 30 September 2015 and 30 August 2017.

A potential overseas bond sale worth $150m was postponed in June as it expected “more favourable terms" in the second half of this year, due to the seasonality of shipping, Hanjin said at the time.