South Korean container shipping company Hyundai Merchant Marine (HMM) is in talks with asset manager BlackRock Inc about a potential investment in the company.

“It is true that there was a discussion between HMM and BlackRock but nothing in detail was discussed,” an HMM Spokeswoman confirmed to World Maritime News.

The investment could reach up to KRW 1 trillion (USD 880 million), based on the reports from the Korea Daily.

The deal, if finalized, would provide HMM with a needed financial boost as it battles carrier consolidation and overall market headwinds that pushed its compatriot shipping company Hanjin Shipping into bankruptcy earlier this year.

To help HMM navigate the market challenges, the Korean government injected KRW 1.5 trillion into the company so far, including via rights issue.

The move comes as the company anticipates drastic improvement in its results for the third quarter driven by cost-cutting measures and “regained customer trust”.

HMM saw an improvement in its global on-time performance, being ranked as the 4th most reliable carrier among the 18 largest container rivals in June this year.

“Since last year’s successful restructuring, HMM has put its utmost effort on rebuilding customer trust and improving its service quality. HMM has also focused on improving its schedule reliability, as part of ongoing efforts to enhance customer satisfaction,” the company said commenting on the ranking.

Following the restructuring, HMM cut its operating loss to KRW 128.1 billion (USD 111.8 million) in the second quarter of 2017 from KRW 254.3 billion posted in the same period a year earlier.

The company ended the second quarter of 2017 with a total revenue of KRW 1,241.9 billion, a 22.1 percent increase year-on-year.