The share price of Hyundai Merchant Marine (HMM) surged on Monday after reports indicated it was being offered vessels from collapsed rival Hanjin Shipping.

The Korean owner’s stock reached KRW 8,700 ($7.85), up 6%, as Bloomberg cited sources as saying Hanjin’s banks had approached it about purchases of ships, mostly container units.

HMM itself said it was not aware of any specific reason for the jump.

Reports