Against the odds: Cracks finally appear in container line discipline
As container rates touch $30,000, the current madness carries a faint whiff of déjà vu.
The family silver sale goes on. Still desperate to boost ever-weaker balance sheets caused by the ongoing crisis in shipping, South Korean chaebol Hyundai Group is now looking to sell a stake in its freight forwarding and express logistics arm, Hyundai Logistics, to a consortium led by Japanese industrial property developer Orix. Confusingly, the Orix consortium is also likely to include Hyundai’s container shipping operation, Hyundai Merchant Marine. Other assets are also in the shop window – in total the group is reportedly looking to raise $3.2bn to pay off debt.