Hanjin Shipping has sold a six-year-old capesize, Hanjin Saldanha Bay, for US$38m to H-Line Shipping as part of efforts to raise cash for urgent debt repayments.

H-Line Shipping is owned by South Korean private equity firm Hahn & Co, which bought most of Hanjin's LNG and dry bulk businesses two years ago.

Hanjin, which has just entered restructuring, is looking to sell off all its remaining bulk carriers and container terminals as well as renegotiate fees for its chartered in box fleet in order to stay afloat.