KOREA's Hanjin Shipping sold its stake in Vietnam's Tan Cang-Cai Mep International Terminal to its affiliated logistics company, Hanjin Transportation, in its continuing effort to stay afloat financially.

South Korea's biggest container line sold its share in the terminal near Ho Chi Minh City for KRW22.9 billion (US$20 million) as part of a larger plan to raise $400 million.

Hanjin and the country's No 2 carrier Hyundai Merchant Marine, have had to restructure their debt and raise liquidity to avoid bankruptcy, reports IHS Media.

The Tan Cang-Cai Mep International Terminal, in which Hanjin held a 21.3 per cent stake, began operations in 2011 as a joint venture between Hanjin, MOL, Wan Hai Lines and Saigon for a new port with an annual capacity of 1.15 million TEU.

Traffic at the terminal rose 0.4 per cent year on year in the first quarter to 242,944 TEU, according to statistics from the port operator.

Hanjin needs to raise funds after South Korea's Financial Services Commission's showed that the shipping line would be short KRW1.2 trillion in two years without a cash infusion, suggesting help from Korean Air Lines, Hanjin's biggest shareholder.

To boost its liquidity Hanjin has already sold a Capesize bulker and its remaining stake in H-Line shipping, which was spun out of Hanjin's liquefied natural gas and dedicated dry bulk businesses in 2014.

Hanjin is also seeking to delay payments on debt due in 2017 and is in the middle of tough negotiations with shipowners to reduce its charter rates. But it has been unable to persuade Hong Kong's Seaspan to take any reductions much less the 30 per cent discount sought.

Hanjin will also return 20 containerships and 18 bulkers by 2017 to free up more cash. The returns are for ships on contracts that have already expired or will next year, and are not cancellations of existing contracts.