April 27, 2024

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[THE INVESTOR] Maersk Line has denied ongoing rumors about its intention to acquire Korea’s Hanjin Shipping, or a route that will go up for sale later this month.

“They are only rumors, and we do not comment on rumors,” said Mikkel Linnet, a representative for Maersk Line told The Investor on Oct.14.

There had been speculation that Maersk -- the world’s largest container shipping company -- may take over Hanjin Shipping, which is nearly bankrupt and under court receivership. 

The rumors was rekindled last week when news reports said Maersk may be one of the buyers of Hanjin’s relatively lucrative Asia-US route that the court has decided to sell. This route draws an annual 3 trillion won ($2.6 billion) in sales.

Along with the route, five containers, seven overseas subsidiaries and a freight distribution system will be sold. Some 500 US office employees will also be transferred to the winner, with bidding slated for Nov. 7.

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