Hapag-Lloyd, the German company, has shown interest in investing in a Korean shipping company
Hapag-Lloyd, a shipping company based in Hamburg, has announced its interest in investing in one of its Korean competitors, Hyundai Merchant Marine (HMM). HMM currently ranks seventh as the world’s largest shipping company and regularly sends its vessels to Hamburg.
The German company Hapag-Lloyd is interested in investing in the Korean company HMM
The Korean company HMM owns over 100 vessels, including several cargo ships that exceed a length of 400 meters. It has been in alliance with Hapag-Lloyd for a long time.
However, HMM has been facing a financial crisis for years, prompting Korean banks to intervene and provide support in previous years.
Now, approximately 40% of the company’s shares are being offered for sale. According to sources within the industry, Hapag-Lloyd has presented an offer as the sole proposal from outside Korea. The company has not officially confirmed this matter as of now.
However, a spokesperson for Hapag-Lloyd stated that the company regularly assesses available growth opportunities.
Hapag-Lloyd, which possesses a fleet of over 250 container ships, ranks as the fifth largest shipping company globally. According to the company’s statement, it employs approximately 14,000 staff across 135 locations around the world.
It’s worth noting that the city of Hamburg holds a stake in Hapag-Lloyd, thus potentially having an indirect involvement in the prospective investment in HMM.
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