Hyundai Merchant Marine mulling bid for Hanjin Shipping's Asia - US business

Hyundai Merchant Marine (HMM) is considering bidding for bankrupt Hanjin Shipping’s Asia – US business.

According to reports HMM is mulling a preliminary bid for the business which put up for sale last week, although Reuters quoted a spokesman for the shipping company saying was yet to decide whether or not make a bid.

Hanjin’s transpacific business comprises staff, five containerships and 10 overseas businesses. Hanjin had a 7% share of the transpacific trade.

Letters of interest need to be submitted to the Seoul District Court by 28 October and final bids by 4 November.

Hanjin was put under court receivership on 31 August, while HMM itself narrowly avoided bankruptcy in June this year.

Read all the background to the Hanjin Shipping bankruptcy on our timeline

Posted 18 October 2016
Marcus Hand

Editor, Seatrade Maritime News