Hanjin Shipping is planning to release KRW 9.54bn from selling out of its Chinese terminal depot venture.

The restructuring Korean shipowner said on Friday it will dispose of all its shares in Shandong Hanjin Logistics.

In a regulatory filing, the company added the deal will help its liquidity.

Shandong Hanjin Logistics was established in 1995 with SITC Logistics Group.

Hanjin is trying to negotiate charter rate cuts with third-party shipowners as part of its refinancing.