The on/off sale by Hyundai Merchant Marine (HMM) of its dry bulk division has resurfaced again. The Korea Economic Daily reports that local private equity firm Hahn & Company is willing to pay KRW600bn ($495m) to take on HMM’s bulkers.
Hahn & Company is willing to pay about KRW100bn won in cash to HMM and take on about KRW500bn worth of debt, the Korea Economic Daily reported citing unnamed investment banking sources.
Neither HMM or Hahn & Company confirmed the speculation.
HMM has been hawking its dry bulk fleet for the past year with local line SK Shipping as well as Yuanta Securities from Taiwan both reported as interested buyers in early 2015.
Last October HMM spun off its dry bulk division, creating Hyundai Bulk Line, to free up more available cash. Including newbuilds, HMM’s bulk fleet numbers 17 ships.
In December 2013 Hahn & Company paid KRW300bn to take a 76% stake in fellow Korean line, Hanjin Shipping’s dry bulk business.
