Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
ICT
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automation
Automated EquipmentGate AutomationRemote ControlProcess Automation
Multimodal
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Refrigeration
Operations/TransportContainer leasingEquipmentM&R/Storage
Breakbulk
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
Environment
Business
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles


register  or  login  for full access to online news

Seaco sale on hold

The HNA Group has decided not to sell the Seaco container leasing business at the moment, Bloomberg has reported.

Linked InTwitterFacebookeCard

The Seaco container leasing business is owned by Bohai Leasing, an HNA Group subsidiary. HNA has for months been in a precarious financial position, and has been selling off assets around the world to raise cash. Some of these assets include hotels and commercial property that were purchased by HNA at very high valuations, at or close to market peaks.

 

Last year it was rumoured that HNA was looking for over US$1 billion for Seaco, but a sale has not eventuated so far. Bloomberg is now reporting that the sale has been shelved after failure to reach agreement on the selling price.

 

There is still, however, enormous pressure on HNA to sell assets, even if it is at a loss. One of its group companies, CWT International Ltd, has been unable to pay loans and this week creditors moved to seize some of CWT’s assets in the US, China and Singapore.

 

Late last year HNA Group claimed to have its finances under control after selling some US$40 billion of assets over two years. HNA is still trying to move forward with asset sales valued at around US$20 billion, however, the most recent being Hong Kong Express Airways, which was sold for around US$600M to Cathay Pacific. Immediately after the sale the South China Morning Post in Hong Kong reported that this was just 22.5% of the US$2.8 billion HNA needs this year for bond and loan repayments, leading some commentators cited to caution that HNA could still go bankrupt.

Linked InTwitterFacebookeCard

You may also be interested in...

ZPMC moves in

Bunking up the logs for easy moves

Pulp facts to the fore in Montevideo

Hyster clamps up on reel handling

Sizing up the breakbulk market

Getting on the intermodal track

Related Stories

Winter Haven intermodal terminal developers win TT Club Safety Award

The 3rd TT Club Innovation in Safety Award was presented last night (13th Novemb...

Tanger Med brings big benefits to trade

The expansion of Tanger Med in Morocco has resulted in the biggest increase in c...

Søren Toft quits Maersk

Søren Toft has unexpectedly quit as COO of Maersk, with immediate effect. CEO Sø...

APM Terminals Rotterdam takeover talks confirmed

APM Terminals has confirmed that it is negotiating the sale of APM Terminals Rot...
Linked In
Twitter