South Korea-based shipping company Hyundai Merchant Marine (HMM) is in talks to sell its bulk shipping business to a compatriot private equity firm Hahn & Company, the company said in a stock exchange filing.
The business could be sold for an amount of some USD 497 million (KRW 600 billion), however, HMM said that a decision has not been made yet.
HMM tried to sell its bulk shipping business last year as well, when it was in talks with Taiwanese securities house Yuanta. The deal was then reported to be worth up to USD 315 million (KRW 350 billion).
The sale follows the company’s liquidation of a shipping terminal in Busan, container terminals in the U.S. and LNG transport business in 2014.
World Maritime News Staff