Korea Line preferred bidder for Hanjin's Asia-US operations: court

[SEOUL] South Korea's Korea Line Corp was picked as the preferred bidder to buy troubled shipper Hanjin Shipping Co Ltd's Asia-US operations, beating Hyundai Merchant Marine, a spokesman for a Seoul court overseeing Hanjin Shipping's receivership told Reuters on Monday.

The spokesman said Korea Line offered higher prices than Hyundai Merchant Marine, but did not disclose the value of the potential deal.

Hanjin Shipping, the first major shipping line to bear the brunt of a global overcapacity and low freight rates, has put up for sale its US to Asia routes, including manpower systems and five container ships.

REUTERS