Hyundai Merchant Marine Co Ltd has indicated its desire to bid for the US-Asia Transpacific assets of Hanjin Shipping, reported Reuters.
The news comes after the Seoul court charged with deciding the fate of Hanjin signalled its intention to sell these assets, a key means of paying off the creditors still owed millions after the collapse of the shipping line.
The move by Hyundai positions it as the heir-presumptive of South Korea’s shipping fleet, although a spokesperson for the company stressed that while it was considering a bid, no final decision had yet been made.
Speaking to Reuters, Kapoor, Director at Drewry Financial Research Services, said: “Container shipping is a service business and anybody acquiring it would be worried about potential legal suits as well despite the sale being ring-fenced,
“Why would one pay for a ghost network when the credibility of that network has been under threat?”
The likely worthwhile assets that Hyundai could acquire would be five 8-10 year old container vessels, each worth around US$15-18 million, capable of carrying 6,500 TEUs.