UK claims brokerage Southey Capital is predicting a potential wipe-out for Hanjin Shipping’s trade creditors.

Southey is paying 33 cents in the dollar for secured Hanjin claims, and selling at 35. Unsecured claims are valued at just 3% and 5%, however.

Boss Robert Southey told TradeWinds: “The book of ships it would appear is worth quite a lot less than the secured debts.