Hanjin Shipping, the shipping arm of Hanjin Group, said Friday it has signed a deal worth 120 billion won ($112.8 million) with the country‘s third-largest refiner S-Oil to transport crude oil.

Hanjin Shipping will annually bring in 1.92 million tons of crude between 2014 and the first half of 2019 to Onsan, a port 410 kilometers southeast of Seoul, from Ras Tanura in eastern Saudi Arabia, the company said.

The cash-strapped shipping company plans to close two loss-making container shipping lines, one linking Asia and the Black Sea and the other linking the U.S. east coast and northern Europe, within the first half of the year.

As part of efforts to weather a credit crunch, Hanjin is pushing ahead with sales of its bulk vessel business division and its stakes in terminals both at home and abroad.

On Thursday, the company said in a regulatory filing that it picked a Korean consortium comprising IBK Investment & Securities and Korea Investment Partners as the preferred bidder for its stake in a terminal at the Port of Algeciras in Spain. (Yonhap)