SHANGHAI/SINGAPORE (Sept 14): Three ships chartered to Hanjin Shipping Co Ltd have been sold, the first of dozens of vessels expected to be hawked, following the failure of the world's seventh largest container shipper. The five-year old ship was sold charter-free, meaning it is no longer chartered by Hanjin Shipping, a sale and purchase broker told Reuters. Shipbrokers expect more Hanjin ships to be put on the market although uncertainty about the company's future could delay progress. Over-capacity to remainWhile uncertainty around Hanjin Shipping has caused a spike in freight prices, few expect it to last. However, Hanjin estimates at least US$100 million more is needed to clear the cargo, and regulators have warned securing further funds from Hanjin Shipping shareholders could take "considerable time".

Source: The Edge Markets September 14, 2016 05:15 UTC