Marine Link
Tuesday, October 25, 2016

Hyundai Mulls Bid for Hanjin Assets, Routes

October 18, 2016

Photo: Hanjin Shipping

Photo: Hanjin Shipping

Hyundai Merchant Marine is considering bidding for its bigger local rival Hanjin Shipping Co.'s Asia-U.S. route, reports Yonhap.

Hyundai Merchant, currently under a creditor-led debt restructuring scheme, is planning to submit a preliminary bid for Hanjin Shipping's route, seen as the most lucrative, and ships that are up for sale.
Hanjin, the first major shipping line to be dragged down by global industry overcapacity and low freight rates, put up manpower and logistics systems, five container ships and 10 overseas businesses, for sale last week.
According to a Reuters report, the extent of other bidding interest in the assets was unclear but shipping sources were doubtful that there would be a rush of buyers.
Hanjin Shipping's Asia-U.S. route logs sales of up to 4 trillion won annually, and its market share stands at 7 percent, the sixth-largest among global shippers.
Hyundai Merchant, a member of global shipping alliance 2M, is planning to expand its fleet, so it wants to buy vessels from Hanjin Shipping.

Maritime Reporter Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News