KDB unlikely to sell Hyundai Marine to foreign buyer

[THE INVESTOR] The main creditor of Hyundai Merchant Marine has ruled out the possibility of selling the financially troubled cargo ship operator to foreign firms.

Korea Development Bank Chairman Lee Dong-geol said that disposing the shipper, which is under a creditor-led restructuring program, could help the state-run bank to improve its financial health but “selling the firm to foreign buyer needs a cautious approach.”

“We need to see a bigger picture like fostering Hyundai Merchant Marine into the nation’s flagship shipper,” Lee said during a parliamentary audit held on Oct. 4. 

Currently, creditors hold a 40 percent stake in the Korean carrier, including 14 percent owned by Korea Development Bank.

His remark came after Maersk Line, the world’s largest container operator, was rumored to buy HMM or its local peer Hanjin Shipping.

By Park Han-na (hnpark@heraldcorp.com)