Pan Ocean invests in Korea’s top airline

Another shipping line is showing an interest in airlines. South Korea’s Pan Ocean has bought a 5% stake in Hanjin KAL Corp, the largest shareholder of Korean Air Lines, spending $95m to become the fifth largest shareholder in the airline group.

Last year, Pan Ocean, owned by Korean poultry producer Harim Group, attempted to buy a financially troubled local budget airline, Eastar Jet, but saw its bid fail.

Over the last couple of years a host of European liners have created airline divisions including Maersk, CMA CGM and Mediterranean Shipping Co.