South Korea’s Ministry of Oceans and Fisheries has clarified its position with regards to ongoing speculation on a possible merger between Hanjin Shipping and Hyundai Merchant Marine, the country’s two biggest shipping companies.
In a press statement released in response to South Korean newspaper Joong-Ang Daily’s report of a “coerced” merger between Hanjin and HMM, the ministry denied it had told the newspaper that “there is a need to deeply analyze the need to maintain the existence of the two companies”.
“There is a need to maintain the existence of the two companies when considering the impact a merger could have on South Korea’s import and export-oriented economy and global shipping alliances, as well as Busan port’s transshipment competitiveness,” according to the statement, written in Korean.
Full content: Bloomberg
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