HMM could take over assets from bankrupt Hanjin Shipping

On Wednesday as Hanjin filed for court receivership Jeong Eun-bo, vice chairman of Korea’s Financial Services Commission, suggested that HMM could take over its vessels to preserve the country’s shipping industry.

“With Hanjin Shipping filing for court receivership, there is a worrying view that Korea’s shipping industry as a whole may lose its global competitiveness,” he was quoted as saying by the Korea Herald.

“We will actively push for the idea to have Hyundai Merchant Marine acquire Hanjin Shipping’s sound assets such as ships, routes, global networks and human resources.”

However Hanjin only owns just over one-third of its fleet of 98 containerships, with 61 chartered in from international owners, some such as Seaspan that had spurned requests for cuts in charter hire.

HMM itself only narrowly escaped bankruptcy in July this year managing to negotiate 20% cuts in charter hire with international shipowners as time ran out on its restructuring talks with creditors.

HMM ranks as the world’s 14th largest container line according to analyst Alphaliner while Hanjin is number seven.