이 기사는 2021년 12월 16일 08시05분 thebell에 표출된 기사입니다

A potential transformation of Posco Terminal into Posco Group’s sole logistics business may affect a process of finding a buyer for South Korea’s shipping company HMM that is expected to kick off next year.

Posco acquired a 49% stake in Posco Terminal from Japan’s Mitsui Group on Monday, increasing its stake to 100%. The move is seen by many as the steel giant’s entry into the shipping industry.

“We are trying to enhance management efficiency and service quality by consolidating our dispersed resources and workforce related to logistics,” a Posco official said. “We are exploring several options and nothing has been finalized yet.”

Posco has been considered a good fit as a potential buyer for HMM, formerly known as Hyundai Merchant Marine, as the steel giant has long been seeking to launch a logistics subsidiary handling the conglomerate’s shipping needs in order to save costs and improve business stability.

But if the conglomerate succeeds in integrating its logistics functions into Posco Termninal, it may no longer need to acquire HMM, industry observers said.

However, some are opposed to this view, saying that it is too early to exclude Posco from the pool of potential buyers because the government is likely to take a thorough approach when selecting a buyer for the national shipping line.

“Posco’s attempt to consolidate logistics functions does not necessary mean that it will no longer consider acquiring HMM,” an industry insider said. “From the viewpoint of HMM, it is important to find a buyer that can create synergies and help to offset its weakness.”

HMM generates most of its revenues from its container business, which is highly cyclical. This could make Posco a good match for HMM, especially considering steady shipping demand from its affiliates.

For the same reason, Hyundai Glovis, part of Hyundai Motor Group, has also been mentioned as a strong candidate to acquire HMM. The logistics company has been profitable for fifteen straight years since its stock market debut in 2005 regardless of the shipping industry cycle. This was largely thanks to shipping orders from Hyundai Motor and Kia Corp, the conglomerate’s automakers, which are Hyundai Glovis’ two largest customers.

Korea Development Bank (KDB), which owns a majority stake in HMM, has focused on reviving HMM over the past years alongside the Korea Ocean Business Corporation, pouring funds into the shipping company and leading a restructuring effort.

The state-controlled lender would want to sell its controlling stake in HMM to a company with financial capabilities and an ability to generate business synergies in order to avoid any criticism after a potential sale.

KDB chairman Lee Dong-gull expressed his intention several times earlier this year to divest the lender’s holding in HMM. Many expect a formal sale to begin next year.

It is likely that the Korea Ocean Business Corporation will keep its second largest stake in HMM even after KDB sells its majority stake. (Reporting by Su-jin Yoo)