Hanjin Shipping, another shipping line struggling to stay afloat amid the tides of trouble, is all out to reduce its debt through asset sales.

“(Various plans) are under consideration to secure liquidity and improve finances, but nothing has been decided yet,” the company said in a filing Thursday. 


Among the items being eyed for sale are an office building on London’s Pepper Street and shipping terminals, including one in Korea’s southwestern port of Gwangyang, local reports said.

The company is seeking to pay off some debt to make it eligible for the government-led 1.4 trillion won plan to bail out ailing shippers. The government said earlier that its special shipping industry fund will invest in companies that reduce their debt ratios to below 400 percent through self-help measures. Hanjin’s current debt ratio is about 600 percent.

By Lee Sun-young (milaya@heraldcorp.com)