Ships worth over $500m belonging to collapsed South Korean owner Hanjin Shipping and under the control of nine banks need to be refinanced or sold as the fallout from the former liner giant’s demise reverberates around the market.

Sale-and-purchase (S&P) market sources watching Hanjin vessels estimate that more than 50 ships, worth an estimated $560m in total, will need to have their loans refinanced or be sold.