Hyundai Merchant will focus on improving competitiveness of its existing operations, a spokesman at the Seoul-based company said in comments requested for this story. Evergreen adopts a strategy of organic growth and has no plan for mergers or acquisitions, the company said in an e-mailed response to Bloomberg News. There are no plans to merge with Evergreen, Yang Ming executive vice president Winsor Huang said by phone. The company, which gained shareholder approval in December to cancel some stock and sell new shares, is working hard to improve its finances, cut costs and enhance efficiency, he said. Spot prices to transport a 20-foot container to Europe from Asia continued their annual declines, falling 5 per cent in 2016, Shanghai Shipping Exchange data showed. A reduction in the number of container lines could help the companies push up freight rates, said Jason Chiang, a Singapore-based director at Ocean Shipping Consultants.