- Harim Group, led by chairman Kim Hong-kuk, aims to elevate HMM into a top-five global shipping firm by leveraging their successful takeover history, emphasizing sustainability and cash reserves.
- The merger with Pan Ocean is anticipated to create a robust entity spanning containers, bulk shipping, and tankers, poised for enhanced competitiveness despite market concerns about container oversupply.
- Analysts foresee potential success for HMM, backed by its financial strength, in avoiding the pitfalls of a ‘winner’s curse’ and bolstering Pan Ocean’s prospects.
Shipping Ambition
Harim Group aims to elevate HMM into a top global shipping contender, citing their profitability turnaround at Pan Ocean and a $1bn cash reserve as key factors in securing HMM’s takeover.
Following a record-profit year amid the pandemic, Korea Development Bank sought to relinquish control of HMM, considering bids from Harim Group and Dongwon LOEX, with both offering around $4.9bn.
Global Expansion
- Kim envisions synergy between HMM and Pan Ocean for enhanced competitiveness, emphasizing sustainability.
- Their goal is to scale up domestically to rival global shipping giants, aiming for a top-five global ranking.
- HMM expanded into car carriers while Pan Ocean operates in LNG, intra-Asia containers, and holds a small oil tanker presence.
Synergistic Growth
Myung Ji-woon from Shinhan Securities anticipates a robust shipping entity through HMM’s merger with Pan Ocean, foreseeing enhanced competitiveness via tankers, efficiency gains, and industry expertise.
Despite container oversupply concerns into 2024, Myung highlights HMM’s cash reserves as a buffer against recession, confident in mitigating market worries about performance and avoiding negative impacts on Pan Ocean.
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Source: The Load Star
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