US judge approves sale of Hanjin terminal assets to MSC

Bankruptcy judge rejects bid to hold sale proceeds in US, sending them instead to South Korea.

18 January 2017 22:26 GMT Updated 18 January 2017 22:26 GMT

A federal judge in New Jersey has approved Hanjin's sale of key terminal assets to Mediterranean Shipping Co (MSC), a legal source tells TradeWinds.

The decision by Bankruptcy Judge John Sherwood clears a key hurdle for the South Korean liner operator to sell its 54% stake in Total Terminals International, a joint venture with Switzerland-based MSC that operates terminals in Seattle and Long Beach.

MSC