By Brenda Goh and also Keith Wallis

SHANGHAI/SINGAPORE, Sept 14 (Reuters)– Three ships hired to Hanjin Shipping Co Ltd have actually been offered and also 2 even more vessels are up for sale, ship brokers claimed on Wednesday, starting a property sale triggered by the failing of the globe’s 7th biggest container carrier.

Around $14 billion of freight has actually been locked up internationally as ports, tugboat drivers and also freight handling companies fretted about not being paid refuse to function for Hanjin, which applied for receivership in a Seoul court on Aug 31.

While some ships have actually been unloaded ever since, traffic jams are creating at some ports and also vehicle backyards as containers accumulate.

Three mass service providers, made use of for bring assets such as iron ore, coal and also grain, were offered by owners for an overall of practically $39 million, according to information from ship evaluation company Vessels Worth.

The biggest, the 180,000 deadweight tonne (DWT) capesize Hanjin Matsuyama, was offered by Japanese delivery company Kumiai Senpaku to Singapore- based Winning Shipping for $22.75 million, according to the information. An authorities at Winning claimed the bargain had actually not yet been finished.

The five-year old ship, last tracked off South Korea, was offered charter-free, implying it is no more hired by Hanjin Shipping, a ship broker informed Reuters.

The 2 smaller sized 37,000 DWT handyside vessels have actually been offered to Greek customers, likewise charter-free, the broker claimed.

Vessels that are offered can be gotten by their brand-new proprietors with existing charter, or service, contracts in position or charter-free, implying they can be hired to brand-new companies such as assets business.

With rates currently dispirited by over-capacity, the worths attained remained in line with current comparable sales and also quotes from delivering solutions company Clarkson.

Two container ships worth in between $18-$ 22 million have actually likewise been offered, 2 various other ship brokers with understanding with the issue claimed.

“Potential buyers have to register their interest by the end of this week with offers by the end of this month,” claimed an Asian used ship broker.

The vessels, both integrated in 2013, can bring approximately 4,522 20-foot containers. The Hanjin Mar is presently secured off the south coastline of South Korea while the Hanjin Marine is heading to Prince Rupert in Canada, according to Thomson Reuters ship monitoring information.

A spokesperson for Hanjin Shipping claimed both vessels were hired and also were being gone back to the proprietors, decreasing to recognize them.

Thomson Reuters information and also Equasis, a European ship data source, revealed Panama- signed up Tribridge Marine-Oceania and also Tribridge Marine-Pacific as the signed up proprietors, however Hanjin Shipping Holdings as the useful proprietor.

Shipbrokers anticipate even more Hanjin ships to be sold although unpredictability regarding the business’s future can postpone development and also some can be offered off-market to various other South Korean business.

A court has actually provided Hanjin till late November to find up with a recovery strategy that lenders consent to.

The fleet of 63 ships Hanjin possesses deserves around $1.76 billion, Vessels Worth quotes, well except the $5.5 billion in the red the business reported as at the end of June, 2016. It had actually hired a more 78 vessels prior to its failing.

OVER-CAPACITY TO REMAIN

While unpredictability around Hanjin Shipping has actually created a spike in products rates, couple of anticipate it to last.

Cargo ships of around 257.8 million DWT, equivalent to around 14.6 percent of the worldwide fleet, schedule for shipment from currently to around 2019 and also worldwide seaborne profession development is simply 2.4 percent, Clarkson information programs.

That indicate little temporary enhancement in the delivery markets without genuine go back to success till 2019-2020, at the very least, experts claim.

Low scrap worths and also products prices more than running prices suggest there is little motivation for proprietors to junk.

“The industry needs to break the trend of halting demolition activity as soon as the Baltic Dry Index (a basket of freight rates) improves marginally,” claimed Peter Sand, primary delivery expert at delivery entrance hall team BIMCO.

Around two-thirds of Hanjin’s fleet are not running effectively, consisting of vessels took, disallowed access to ports or terminals, refuted solutions or relocating gradually, according to Hanjin Shipping information on Monday.

That has actually postponed grain and also oilseed delivery on essential worldwide paths, with freights bring pulses from Canada to India going for the very least 15 days behind routine.

“We have to queue again and look for other shipping companies which are already witnessing an increased demand for their services,” claimed one Singapore- based investor that ships pulses from Canada.

(Additional coverage by Hyunjoo Jin in Seoul, Naveen Thukral in Singapore and also the Shanghai newsroom; Editing by Lincoln Feast)

( c) Copyright Thomson Reuters 2016.