Hyundai Merchant Marine (HMM) has slammed reports linking it to a merger with compatriot Korean line Hanjin Shipping.
Local media outlet Business Korea had carried a report claiming THE Alliance, which Hanjin formed this month with partners NYK, MOL, K Line, Yang Ming and Hapag-Lloyd, had room for only one Korean partner. HMM would likely be absorbed by Hanjin in the event of not getting into THE Alliance, a government source claimed.
“The alleged merger between HMM and another Korean shipping company is a groundless rumour,” a spokesperson for HMM told Splash today.
Moreover, the Ministry of Oceans and Fisheries has published a press release regarding the rumour, saying any discussions about the merger between the two companies are “inappropriate”.
HMM, in the midst of lengthy restructuring, concluded successful negotiations with certain bondholders today, rescheduling payments for KRW300bn.
