[THE INVESTOR] Hanjin Shipping plans to sell 54-percent stake in a US affiliate that runs a terminal in the Port of Long Beach, California, industry sources said on Oct. 21.

Total Terminals International, established in 1992, operates two facilities in Long Beach and Seattle, and handles some 30 percent of cargo along the US West Coast.

The move came as the country’s No. 1 shipper is seeking to sell its Asia-US route, vessels, and 10 overseas operations.

Hanjin Shipping was put under court receivership early last month as its creditors, led by the state-run Korea Development Bank, rejected its last self-rescue package worth 500 billion won (US$440 million), which fell short of the 700 billion won demanded by its creditors.

(theinvestor@heraldcorp.com)