A month after the official receivership of Hanjin Shipping, the South Korean court overseeing the entire process is reportedly considering a sale of the whole shipping line, according to Bloomberg.
Choi Ung-young, a Court Spokesman, said that they are giving other shipping companies priority for a potential takeover as the expertise that they can provide will be valuable to help the company survive.
Hanjin’s survival could be an imminent rather than delayed process, since Maersk Line were reported to be looking to consolidate operations and acquire the carrier.
Since the announcement, Hanjin’s shares have soared by more than 18% and are now valued at little over US$1 per share.
Hyundai Merchant Marine (HMM) recently expressed an interest in buying out Hanjin, however, with Maersk’s interest, it is likely that Hanjin will opt for a carrier with more financial security.
HMM has since announced the intention to create a ‘Mini Alliance’ with three other carriers in order to fill in the gap created by Hanjin.