The debt-ridden South Korean shipping company Hanjin is looking to European shippers in its quest to find buyers for at least five of its vessels.  Hanjin needs to raise cash to unload stranded cargo, pay off creditors, and possibly re-emerge as a regional Asian shipper.

Sources close to the matter told the Wall Street Journal that Hanjin is knocking on the doors of Maersk Line, Mediterranean Shipping Co., and others.  The five ships are among the biggest that Hanjin owns; they're among the remnants of a once-mighty fleet that has been ailing as ship owners reclaim chartered vessels.  

Meanwhile, the South Korean bankruptcy court also plans to brave the depressed shipping sector and try to dispose of Hanjin's sales and marketing network for Asia-US routes and some ships.  Local rival Hyundai Merchant Marine Co Ltd said on Tuesday it is considering submitting a preliminary bid for the operations, which would include manpower systems, five container ships and 10 overseas businesses.