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[코리아헤럴드(더인베스터)=안성미 기자] 현대상선의 한진해운 우량자산 인수 가능성이 제기되고 있는 가운데 두 해운사가 보유하고 있는 선박을 모두 합치더라도 세계 38위 수준에 머무를 것이라는 전망이 나와 눈길을 끈다.
국내 대표 해운업체들의 성적표라고 하기에는 초라한 숫자다.
영국의 유력 선박가치평가기관인 베슬즈밸류(VesselsValue)는 전세계 약 5천개 선박사를 대상으로 용선(빌려쓰는 것)을 제외한 선박보유 현황을 조사하고 있다.
이 조사에 따르면 한진해운이 보유하고 있는 선박의 숫자는 56척으로 (컨테이너 37척·벌크 18척·드라이벌크 1척), 금전적 가치는 약 13억 1,100만 달러(1조 4,726억 원)로 추산된다.
반면 현대상선은 33척의 선박(컨테이너 24척·벌크 4척·유조선 5척)을 보유하고 있으며, 금액으로 환산하면 8억 1,843만 달러 규모이다.
양사가 합병한다면 선박은 총 89척, 가치는 21억 3,042만 달러로, 세계 38위 규모의 해운사가 된다.
한 증권사 애널리스트는 “한진해운과 현대상선의 경우 다른 대형 선사들보다 용선 대비 사선(소유선박)의 비율이 훨씬 적은데 IMF를 겪으면서 보유하고 있던 사선을 이미 많이 팔았기 때문”이고 “낮은 사선 비율로는 앞으로 해운사로서 경쟁력을 키우기가 어려울 것”이라고 전망했다.
다만 다수의 해운업계 전문가들은 현대상선과 한진해운의 합병 가능성은 현재 희박하다고 보고 있다. 채권단 관리를 받는 현대상선은 자금 여력이 없는데다 한진해운의 6조원이 넘는 부채를 떠안아야 한다.
이동현 평택대학교 무역물류학과 교수는 “두 회사의 합병 가능성은 굉장히 적다”며 “현대상선이 한진해운의 일부 자산만 인수하는 것은 가능할 것”이라고 말했다.
정부와 한진해운의 주채권은행인 산업은행은 한진해운의 우량 자산을 현대상선이 인수하는 방식으로 국적 선사 경쟁력을 유지할 것이라고 거듭 강조해왔다.
해운업계에 따르면 현대상선은 오는 28일 마감되는 한진해운의 미주노선 인수를 위한 예비입찰에 참여할 계획으로 알려졌다. 미주노선은 한진해운이 매년 3조~4조 원의 매출을 올리던 ‘알짜 노선’이다.
국내 인수 후보군 중에서는 현대상선이 가장 유력하다고 거론되고 있다. 산업은행의 한 관계자는 “현대상선이 예비입찰에 들어가서 매물로 나온 자산을 우선 자세히 살펴볼 것” 이라고 밝혔다.
베슬즈벨류에 따르면 세계 1위는 중국 최대 해운사인 중국원양해운그룹 (COSCOCS)로 총 786척의 선박을 보유해 가치가 무려 191억 2,000만 달러에 달한다. 머스크라인을 보유한 덴마크의 머스크그룹은 총 384척을 보유해 113억 3,000만 달러의 가치를 가지고 있다고 밝혔다.
최근 머스크라인은 한진해운 인수 참여 보도에 대해 “인수설은 루머일 뿐이고 루머에 대해 대응하지 않는다”고 더인베스터에 밝힌바 있다.
[단독] 머스크 “한진해운 인수설은 루머일 뿐” 공식 부인
(sahn@heraldcorp.com)
<원본 영문기사>
HMM, Hanjin Shipping likely to rank 38th globally after merger
[THE INVESTOR] A possible merger between South Korea’s No. 2 container liner Hyundai Merchant Marine and its larger local rival Hanjin Shipping appears to be not so lucrative, as it is expected to create an entity ranking only 38th out of 5,000 global vessel operators, according to data from VesselsValue, a UK-based shipping valuation firm.
“If HMM & Hanjin merged, they would have a combined fleet value of $2.1 billion,” said Claudia Norrgren, head of public relations at VesselsValue in an email to The Investor. “Even though this sounds a lot, the merged Hanjin & HMM company would only rank 38th in the world in terms of the fleet value.”
The estimate is not impressive, considering the market status of HMM and Hanjin as South Korea‘s two main flag carriers at sea, local industry watchers also noted.
Hanjin Shipping, which is under court receivership, owns 56 vessels worth $1.31 billion as of Oct. 20, according to VesselsValue. HMM operates 33 vessels that are valued at $818.43 million. The combined assets of Hanjin and HMM would amount to 89 vessels worth $2.13 billion.
“The global ranking of the merged entity would be challenged due to the low percentage of company-owned vessels, as opposed to chartered ships, for both Hanjin and HMM that lost many of their vessels during the 1998 Asian financial crisis,” said an analyst from local brokerage Shinyoung Securities, declining to be named.
Other experts opined that HMM would not be too willing to take over Hanjin’s debt, and therefore would settle for acquiring key assets, such as its US-Asia route that is up for sale.
“It seems highly unlikely for HMM to merge with Hanjin when it has to take on all of Hanjin’s debt. A takeover limited to assets seem like a more plausible scenario,” said Lee Dong-hyun, a professor of international trade and logistics at Pyeongtaek University.
Hanjin Shipping is currently saddled with 6 trillion won ($5.3 billion) worth of debt.
Meanwhile, Hanjin’s main creditor Korea Development Bank is also pushing for HMM to acquire just the core assets of Hanjin. “Hyundai Merchant Marine is considering entering a preliminary bidding for Hanjin’s US-Asia route,” said Cho Seong-wook, a spokesperson for KDB.
The state-run bank has repeatedly expressed its determination to back HMM’s bid to keep foreign investors at bay.
Globally, China’s Coscocs is the largest container liner with 786 fleets worth $19.12 billion, followed by Maersk Group, with 384 vessels estimated at $11.33 billion.
Earlier, there had been reports that Maersk Line may acquire Hanjin, or the US-Asia route. The company told The Investor that the reports are “rumors,” and refused to offer an official response.
By Ahn Sung-mi (sahn@heraldcorp.com)
HMM, Hanjin Shipping likely to rank 38th globally after merger
[THE INVESTOR] A possible merger between South Korea’s No. 2 container liner Hyundai Merchant Marine and its larger local rival Hanjin Shipping appears to be not so lucrative, as it is expected to create an entity ranking only 38th out of 5,000 global vessel operators, according to data from VesselsValue, a UK-based shipping valuation firm.
“If HMM & Hanjin merged, they would have a combined fleet value of $2.1 billion,” said Claudia Norrgren, head of public relations at VesselsValue in an email to The Investor. “Even though this sounds a lot, the merged Hanjin & HMM company would only rank 38th in the world in terms of the fleet value.”
The estimate is not impressive, considering the market status of HMM and Hanjin as South Korea‘s two main flag carriers at sea, local industry watchers also noted.
Hanjin Shipping, which is under court receivership, owns 56 vessels worth $1.31 billion as of Oct. 20, according to VesselsValue. HMM operates 33 vessels that are valued at $818.43 million. The combined assets of Hanjin and HMM would amount to 89 vessels worth $2.13 billion.
“The global ranking of the merged entity would be challenged due to the low percentage of company-owned vessels, as opposed to chartered ships, for both Hanjin and HMM that lost many of their vessels during the 1998 Asian financial crisis,” said an analyst from local brokerage Shinyoung Securities, declining to be named.
Other experts opined that HMM would not be too willing to take over Hanjin’s debt, and therefore would settle for acquiring key assets, such as its US-Asia route that is up for sale.
“It seems highly unlikely for HMM to merge with Hanjin when it has to take on all of Hanjin’s debt. A takeover limited to assets seem like a more plausible scenario,” said Lee Dong-hyun, a professor of international trade and logistics at Pyeongtaek University.
Hanjin Shipping is currently saddled with 6 trillion won ($5.3 billion) worth of debt.
Meanwhile, Hanjin’s main creditor Korea Development Bank is also pushing for HMM to acquire just the core assets of Hanjin. “Hyundai Merchant Marine is considering entering a preliminary bidding for Hanjin’s US-Asia route,” said Cho Seong-wook, a spokesperson for KDB.
The state-run bank has repeatedly expressed its determination to back HMM’s bid to keep foreign investors at bay.
Globally, China’s Coscocs is the largest container liner with 786 fleets worth $19.12 billion, followed by Maersk Group, with 384 vessels estimated at $11.33 billion.
Earlier, there had been reports that Maersk Line may acquire Hanjin, or the US-Asia route. The company told The Investor that the reports are “rumors,” and refused to offer an official response.
By Ahn Sung-mi (sahn@heraldcorp.com)
