South Korea’s Hanjin Shipping announced that it has sold its London office for KRW66.7bn ($57.2m) as the shipowner attempts to ease its liquidity shortage and reduce debts.

Seoul-listed Hanjin Shipping did not disclose the buyer of the London property in its regulatory filing to the stock exchange.

The cash pocketed from the property sale is expected to go towards refinancing its debt worth over $400m due in the first half of this year, according to The Korea Herald.

In 2015, Hanjin Shipping returned to the black with a profit of $6m, as against the loss of $396m in 2014.

Hanjin Shipping’s core container shipping business is also facing challenges of a global market slowdown, prompting the shipowner to remove capacity on its Asia to North Europe trade lane starting April in order to reduce operating expenses.