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Hyundai Merchant Marine Bids for Hanjin

Hanjin

By MarEx 2016-10-28 03:14:38

South Korea's Hyundai Merchant Marine said on Friday it submitted an initial bid for troubled container shipper Hanjin Shipping's key operations.

Hyundai did not elaborate on what assets it had bid for but said last week it may submit a preliminary bid for Hanjin assets used in Asia-to-U.S. routes that were put up for sale earlier in October.

The global container shipping sector is struggling with its worst ever market conditions, caused by a glut of ships and slowing global trade, which has battered earnings and forced at least one out of business.

Hanjin's collapse also forced ports around the world to deny service to its ships for fear they would not be paid.

Hanjin filed for court receivership at the end of August, which set the stage for its assets to be frozen as ports from China to Spain denied access to its vessels.