According to the report, the government and the Korea Development Bank plan to strengthen HMM to fill the gap left by Hanjin Shipping after consultations are completed in mid-November.
Before it ran aground, Hanjin Shipping was ranked seventh in the global market, and HMM is currently not included among the top 10 shipping companies.
At 1:53 p.m., just before the report was released on major portal sites, HMM shares had been trading at 8,290 won (US$ 7.31), down 60 won from the previous day. HMM rebounded immediately after the news, jumping 180 won at 1:54 p.m., and closing at 9,230 won, up 10.54 percent.
“The consultations HMM is receiving is a process of reviewing measures for becoming a large shipping company on par with Hanjin Shipping,” an unnamed source was quoted as saying by the publication. HMM has engaged the services of AT Kearny to drae up mid- to long-term plans.
The source, however, said that HMM will not acquire the assets of Hanjin Shipping.
By Choi He-suk (firstname.lastname@example.org)