CH448 | Heir

Maersk was unusually proactive.

With a 17% share of the global container shipping market, they were the undisputed number one.
Their revenues ran into the trillions of won, yet that didn’t mean they were in any position to casually sink five billion dollars into an investment.

Maersk’s market capitalization hovered around thirty trillion won.
Five billion dollars was nearly a fifth of that total.

Worse, the industry downturn had left them posting losses for four consecutive quarters.
Their cash flow situation was dire.

At such a time, even if they wanted to invest, they simply didn’t have the funds.
Which meant they had no choice—survival required partnering with Taewoo Shipping.

“My apologies for the sudden visit. Allow me to introduce myself. I am Søren, CEO of Maersk Line.”

“Pleasure to meet you. Kim Min-jae of Taewoo Group.”

Just one day.

Barely twenty-four hours after President Trump announced his policy to foster the U.S. shipping industry, the head of Maersk Line—the very division overseeing their shipping business—had flown into the United States.

He hadn’t come for any other business.
His sole purpose was to sit across from me.

“First, I must apologize. Taewoo Shipping had applied to join the 2M alliance some time ago, but we failed to provide you with a proper response.”

“I assumed it was because the existing alliances were in the midst of restructuring.”

“Your understanding means a great deal. At last, I am in a position to give you an answer. On behalf of 2M, I would like to extend an invitation to join our alliance.”

For more than half a year, they had left us hanging without a word.
But now, after a single sentence from President Trump, Maersk was suddenly rushing over with an invitation.

What was it they had told me before?
That if I donated five billion dollars, they would allow us into the alliance?

Instead, I had poured that five billion not into lining the coffers of a Danish corporation, but into strengthening America’s shipping industry—completely flipping the situation on its head.

A donation would have returned me nothing.
But an investment? That would yield not only the principal, but handsome returns besides.

And as a bonus, it had driven Maersk, in all its lofty pride, to come crawling, practically begging for my attention.
A perfect two birds with one stone.

“The invitation to join the alliance is welcome news, but I’m afraid I cannot accept. We are already in the process of forming a new alliance with a number of American shipping companies.”

“Then allow me to propose something different. What if Taewoo Shipping’s U.S.-centered alliance and 2M were to join forces? That would be of tremendous benefit to America’s smaller shipping lines, wouldn’t it?”

Maersk, with no better option, was now reaching out.

But I had no need to grasp their hand so readily.
Not unless there were additional conditions that worked in Taewoo Shipping’s favor.

“The smaller shipping lines are hesitant to join any alliance,” I said. “They fear becoming sacrificial lambs to the cartel-like practices of the major ones.”

“Sacrificial lambs? No—we intend to sign contracts in a fair and transparent manner. We’re ready to accept them not as pawns, but as equal partners in the alliance.”

“Who would believe a promise made with words alone? It takes a level of trust beyond contracts if you truly want to bring them in.”

The tables had completely turned.
Once, we had been the ones begging for admittance.
Now it was 2M pleading for us to join.

“What sort of gesture would create that level of trust, beyond a contract?”

“If Maersk were to hand over some of its vessels to us, that would be a clear symbol of good faith, wouldn’t it?”

“What kind of vessels are you referring to?”

“At least ships of the 18,000 TEU class.”

“That’s excessive. Each vessel of that size is worth nearly two hundred million dollars.”

It was true—Maersk commanded the industry with its fleet of massive container ships, wielding their overwhelming capacity to pressure competitors.

And here I was, baldly asking them to share that advantage. I knew full well it sounded like outright robbery.

“Just five vessels,” I said. “In return, we will purchase a portion of Maersk’s assets.”

“And what kind of asset purchase do you have in mind, that would justify handing over ships worth more than a billion dollars?”

“I’ve heard rumors that Maersk intends to sell off its stakes in the North Sea oilfields. Taewoo Group will acquire those holdings in full.”

The Maersk Group did not merely own shipping companies.

In addition to their shipping operations, they had subsidiaries in energy, rail, logistics, and more.

Particularly in the energy sector, they held stakes in the development rights of oilfields in various regions.

“Just to be sure—do you know how much the North Sea oilfield is being sold for?”

“I understand it’s at least seven billion dollars. There might be some margin of error, but Taewoo Group estimates it won’t exceed eight billion dollars. Am I wrong?”

“…You’re remarkably precise. You truly intend to purchase stakes in the North Sea oilfields worth over seven billion dollars?”

“Taewoo Group does not speak in idle words. Five vessels would be a fair ‘gift’ for a transaction exceeding seven billion dollars, don’t you think?”

An 18,000 TEU-class vessel did cost around two hundred million dollars.

But the ships Maersk currently owned were all used, having been in service for at least five years.

Like any item, a single use caused its value to drop significantly, and after five years, the depreciation was even steeper.

Thus, the five vessels’ actual value would be roughly five to seven hundred million dollars.

A slightly extravagant “closing gift,” perhaps—but not an impossible demand.

“I have been granted full authority for this negotiation, but the transfer of the North Sea oilfield and the vessels requires approval from our headquarters. Could you wait a moment?”

“Take all the time you need. And there’s one more thing I can support you with. I understand you have placed orders for several large container ships at Korean shipyards. If you wish, Taewoo Shipping can acquire those vessels as well.”

The shipping industry was in a slump.

No company wanted to expand its fleet in such circumstances.

Many were eager to cancel previously placed orders if at all possible.

But they had already made commitments with the shipyards, and part of the order had government backing, leaving them no choice but to honor the contracts.

“Have you confirmed that the orders placed at Korean shipyards are worth three billion dollars?”

“Taewoo Group is a Korean company. That information is easily verifiable.”

“Add the seven billion dollars for the North Sea oilfields and the three billion in ship orders, and the total reaches a ten billion dollars. I’m not questioning Taewoo Group’s financial capability—merely confirming. Are you able to pay such a sum?”

Concerned about Taewoo Group’s finances?

Who is really worrying about whom?

If Taewoo Group didn’t have the money, then which company in the world could?

“As soon as the contract is signed, we can deposit the full ten billion dollars into Maersk’s account. If the agreement is finalized now, the funds could even be transferred today.”

“I will make sure to communicate that clearly. Just give me thirty minutes.”

“Not thirty minutes—we can give you an hour. Take your time and coordinate with them.”

This negotiation took place at the headquarters of FinTech Bank.

Not for any other reason than the fact that the U.S. mid-sized shipping companies had been acquired through FinTech Bank.

To pass the time, I went to see Dimon.

He was buried under a mountain of documents in his office, but when he saw me, a broad smile spread across his face, and he came rushing over.

“Did the negotiations go well? I wanted to barge into the meeting room several times, but I managed to restrain myself.”

“They’re not over yet. They requested an hour to think things over. I suppose they’re contacting Maersk headquarters to coordinate.”

“So you’ll have an hour free. We can talk during that time.”

“Weren’t you busy?”

“No matter how busy I am, there’s always time to speak with the chairman. No matter how important these documents are, they aren’t more important than talking with you.”

He must have been bored.

A life spent buried in the same types of documents every day would drive anyone mad.

I knew that feeling better than anyone, because I too often found myself buried under piles of paperwork.

“I heard that one of the vice presidents made a decent profit from Brexit.”

“Yes, it was quite profitable. To be honest, aside from the extraordinary returns from the oil wars or China short-selling, opportunities like Brexit are rare.”

“That’s good to hear. I also heard that FinTech Bank dominates the U.S. market these days?”

“Technically, CITI Group and FinTech Bank together rank first in the industry. All thanks to you, Chairman.”

America’s top financial group.

Though Dimon officially sat in the CEO seat, in reality, I was the one in charge.
If merged with Taewoo Group, we could easily enter the top five global groups.

But that wasn’t necessary.

I didn’t want unnecessary misunderstandings, so it was better to maintain the status quo.
And having FinTech Bank and CITI remain as U.S. companies allowed for more strategic flexibility.

“Maintaining the top position is harder than reaching it.”

“Thanks to you, Chairman, that worry has been greatly reduced. Through investments conducted with Financial Tower, we’ve earned significant profits, and Bitcoin trading volumes have more than doubled compared to last year, generating substantial fees.”

“The price of Bitcoin has been rising incredibly fast.”

“It’s now over twenty thousand dollars. The price increase is worrisome. While the rising trading volume is beneficial in terms of fees, the government and relevant authorities have begun to take keen interest.”

The price of Bitcoin had surpassed twenty million won.

Just last year, it had hovered around five to seven million won, but in a matter of months, it had more than tripled.

We had intervened in the market to moderate the price, but even our actions couldn’t prevent the surge.

Had we not intervened, the price might not have stopped at twenty million won—it could have soared past thirty million.

“The government will begin regulating, but trading volume won’t drop drastically. Don’t worry too much.”

“We’re submitting regular reports to the financial authorities on Bitcoin’s stability. And I’m considering lobbying through David as well.”

“I’ll let David know. But the higher the price rises, the more ‘flies’ will swarm in.”

Where there’s money, flies inevitably gather.

Especially in a novel market like Bitcoin, scammers and manipulators swarm.

“When you say flies, are you referring to organized groups?”

“Yes. There will be groups attempting to manipulate Bitcoin’s price. They may already be active.”

“We’ll monitor them carefully.”

“Let’s develop a detection program at the Taewoo Group level. Since we created Bitcoin, it makes sense that we create a program to monitor it as well.”

If it were Director Cheon Min-jung, she could quickly develop an algorithm to detect these groups.

But she had plenty on her plate, and even without her involvement, there were enough competent personnel to create an effective detection system.

“If any group tries to pull tricks, we’ll make sure they get a proper lesson.”

“Request assistance from Taewoo Securities or Financial Tower if needed. Those groups must be neutralized early before they cause bigger problems.”

As we discussed Bitcoin, a message came in from Søren, CEO of Maersk Line.

He had already finished discussions with headquarters and was waiting anxiously to speak with me.

TL/n -
TEU stands for Twenty-Foot Equivalent Unit, a standard unit of measurement in international shipping used to describe the capacity of container ships and ports.

1 TEU => equivalent to the volume of a 20-foot shipping container