Hyundai Merchant Marine (HMM) has confirmed it is pondering offloading its tanker division as it is grappling with difficult markets.

Splash reported previously that local media reports from Seoul suggesting HMM, weighed down by debts in excess of US$5bn, was willing to sell its tanker division. It has already committed to sell part of its dry bulk assets plus a terminal in Busan, while other parts of the Hyundai Group are chipping in too as HMM faces urgent debt repayments soon.

"Hyundai Merchant Marine is considering a sale of tanker business as one of the options for its restructuring plan, but nothing has been decided yet," said a spokesperson for HMM.