Financially troubled Hanjin Shipping Co. is in talks with a group of local and financial companies to delay the repayment of debts in a bid to stay afloat amid a protracted slump, industry sources said Wednesday.

According to the sources, the country's No. 1 shipping line is seeking to postpone the repayment of 2.5 trillion won ($2.17 billion) debt borrowed to buy container ships and other vessels by up to three years, which market analysts say would help the shipper save billions of won.

Hanjin Shipping, currently under a creditor-led restructuring scheme, has made little progress in its negotiations with owners of its chartered fleet to cut leasing rates, one of the key prerequisites set out by its creditors to avert court receivership.

As of end-December, Hanjin Shipping had a fleet of 157 ships, 93 of which were leased, with the remainder bought with borrowed money, according to the sources.

Hanjin Shipping needs up to 1.2 trillion won for debt repayment and operating funds. As of end-2015, the company's total debt reached 5.6 trillion won.

In 2015, Hanjin Shipping posted a net profit of 3 billion won, a turnaround from a net 423 billion won loss in the previous year.

Creditors of Hanjin Shipping approved a creditor-led restructuring for the shipper in early May, granting a three-month suspension on all payments of principal and interest.

But they conditioned that the shipper should cut charter rates, win approval for debt recast from its bondholders and be included in a global shipping alliance.

Hanjin Shipping has managed to win approval from bondholders for debt rescheduling and be included into a global shipping group.

The shipper's struggle for the charter rate cut is in stark contrast to its smaller local rival, Hyundai Merchant Marine Co., which has reached an agreement with its shipowners to cut charter rates by 21 percent. (Yonhap)