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Hyundai looks like the only bidder for Hanjin's US network

The deadline to submit a preliminary offer on Hanjin Shipping's business between Asia and the US expires on Friday. South Korean media report that Hyundai Merchant Marine will likely be the only bidder.

Photo: Hyundai Merchant Marine

South Korean Hyundai Merchant Marine (HMM) will likely end up being the only party bidding on the US business of its former and bigger rival, Hanjin Shipping, which covers the important Pacific routes between Far East and the US, sources tell South Korean news media Yonhap on Thursday, the day before the first deadline for submitting a preliminary offer on Hanjin’s US division expires on Friday.

Hyundai Merchant Marine, which is currently undergoing financial restructuring with support from the government in Seoul, is planning to make a preliminary offer on Hanjin’s lucrative routes, Friday at the latest. The final deadline is November 7.

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