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Hyundai Merchant mulls over selling oil-carrier business

Hyundai Merchant Marine, South Korea's No. 2 shipping line by sales, said on Monday it was mulling over selling its oil-carrier business unit to improve its financial footing.

"We are considering selling the oil carrier division (composed of five to six oil carrier ships) to secure liquidity and improve financial health. But nothing has been decided yet," the company said in a regulatory filing.

Hyundai steel products (Yonhap)
Hyundai steel products (Yonhap)

Hyundai Merchant has stepped up its efforts to sell non-core assets and properties as part of a self-rescue program after being hit by an oversupply and declining freight charges since the 2008 financial crisis. (Yonhap)

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