Korea Line Wins Bid for Hanjin Shipping Assets

Korea Line outbid frontrunner Hyundai Merchant Marine Co. for Hanjin Shipping's assets. (Image via Market Watch)

After an arduous journey through bankruptcy, stranded cargo and port backups, the story of Hanjin Shipping finally is coming to a close, now that Korea Line Corp. won a contest for some assets of the bankrupt shipping company.

Yesterday, a Seoul court gave Korea Line, another bulk-shipping operator, the first right to purchase Hanjin Shipping's Asia-to-U.S. shipping assets and a stake in a California terminal, Market Watch reported.

A judge presiding over the case said that the court chose Korea Line over Hyundai Merchant Marine Co., which previously was the frontrunner, because Korea Line proposed better terms and higher prices.

"It also offered to take over more Hanjin employees," the judge said, according to Market Watch.