Hyundai Mulls Bid for Hanjin Assets, Routes

 

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.