Hyundai Merchant Marine, South Korea's largest shipping firm, said on Friday it had sold about two million shares in Hyundai Heavy Industries to raise operating funds and repay debts. "We sold about two million shares in Hyundai Heavy in the market," said a company spokesman. He did not say at what price the shares were sold. The shipping firm would have received 62 billion won ($47.6 million) from the sale, based on Hyundai Heavy's closing price of 31,000 won on Friday. Hyundai Merchant Marine shares finished up 0.3 percent at 3,000 won. After the stock sale, Hyundai Merchant Marine would become the second largest shareholder in the shipbuilder with its stake dropping to 9.8 percent from 12.4 percent earlier. Hyundai Merchant said it would sell off its remaining stake in Hyundai Heavy by the end of this year. Hyundai Merchant posted 457.8 billion won ($351.9 million) in operating profit last year on 5.2 trillion won in sales.
South Korea's Hyundai Merchant Marine placed a $67 million order for a containership with Heavy Industries. Hyundai Merchant said it had borrowed funds from foreign financial institutions at LIBOR plus one percent for the 5,700 TEU-sized order. The shipping and trading company, a unit of Hyundai Group, said the containership would serve Asia-Europe routes from 2003. It said it would also place more ship orders in the second half of this year, including two 4,700 TEU container ships.- (Reuters)
South Korea’s biggest container shipping line Hanjin Shipping Co has decided to apply for court receivership after lenders halted all support, says a report in Bloomberg. A Reuters report also says that it would file for court receivership after losing the support of its banks, and the country's financial regulator said a rival operator will look to buy Hanjin's "good" assets. Banks withdrew support for the world's seventh-largest container carrier on Tuesday
Hyundai Merchant Marine (HMM) is sailing into the THE Alliance. With the new charter deals it is now “one step closer to becoming a member of THE Alliance”, from which it was excluded when the mega-alliance was announced last month. According to a report in Business Korea, HMM president Lee Baek-hoon met with K Line president and CEO Eizo Murakami in Tokyo to discuss the former’s joining the THE Alliance
South Shields based Solar Solve Marine received an order from Korea for four ship-sets of its SOLASAFE roller sunscreens. The screens are to be installed at the navigation bridge windows of four very large container carriers currently under construction at Daewoo’s DSME Okpo shipyard on Geoje Island. With a length of 366 mts, a beam of 48.8 mts and depth of 30 mts the vessels will all be 152,700 dwt., and whilst not the biggest in the world
Maersk and MSC have initiated meetings with Hyundai Merchant Marine (HMM) to discuss the South Korean carrier joining the 2M alliance, says local media reports. According to Korea Herald, Korea’s second-largest shipping company is considering joining the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company - the world’s first and second largest container carriers.
South Korea’s government is discussing whether to merge or sell Hanjin Shipping and Hyundai Merchant Marine in an attempt at state-led industrial restructuring. But the two lines in question belong to different container alliances, are fierce rivals and have both denied that Seoul is trying to coerce them to merge. “There is a need to maintain the existence of the two companies when considering the impact a merger could have on South
A majority of Hyundai Merchant Marine Co Ltd (HMM) bondholders have approved a debt-for-equity swap plan, South Korea's second-largest shipper said on Wednesday, paving the way for restructuring of the heavily indebted firm's finances. HMM, which had debts about 5.2 trillion won ($4.36 billion) at end-March, has about 804.3 billion won in publicly traded bonds outstanding, a spokesman said. The debt restructuring plan includes a debt-for-equity swap for over 50 percent of the applicable
Grand Alliance members Hapag-Lloyd (HL), Nippon Yusen Kaisha (NYK) and Orient Overseas Container Line (OOCL), along with Partner ZIM Integrated Shipping Services Ltd (ZIM) are pleased to jointly announce the new co-operation with Hyundai Merchant Marine (HMM) within the Trans-Pacific All Water sector. The South China East Coast Express 2 (SCE2) will be launched on 12th May 2011, in conjunction with the enhancement of the established South China East Coast Express (SCE)
APL, Hyundai Merchant Marine (HMM), Mitsui O.S.K. Lines (MOL) Â¬Â¬â€“ and CMA CGM announced additional winter capacity plans for the trade between Asia and the US East Coast via Panama Canal. Late last month, the New World Alliance carriers APL, HMM and MOL announced that they would be withdrawing more capacity to the US West Coast and earlier than in previous years in the face of an unprecedented rise in operating costs â€“ particularly for fuel.
Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position.
Eleven container liner transportation companies have promised to cut or standardize the Terminal Handling Charges (THC) in order to lower nearly 3.5 billion yuan burden of export enterprises each year, according to National Development and Reform Commission (NDRC).
Hyundai Merchant Marine (HMM) announced that it has entered into a contract with Hanjin Shipping and Marine Terminals Investment Limited (MTIL) to acquire Hanjin Pacific Corporation’s 100% stake in terminals in Tokyo and Kaohsiung
The state-backed ship financing company Korea Shipping is looking to buy up to ten container vessels operated by Hyundai Merchant Marine (HMM), and lease them back to the shipping firm, says a report in Yonhap. “Korea Shipping will provide some 720 billion won (USD 633
Maersk Line introduces a new service – the AE7 – on the Asia-North Europe trade and a new service – the TP16 – on the Transpacific trade. The new services will enable MSC and Maersk Line to accommodate the incoming volumes from the recently announced slot purchase
South Korean Container carrier Hyundai Merchant Marine (HMM), which collaborates with the 2M alliance, has had its rating improved from the default rating D to instead BB, informs the carrier. "Korea Investor Service (a Moody’s Affiliate) has upgraded Hyundai
South Korea's largest deep sea carrier Hyundai Merchant Marine expects to post losses through the first half of next year due to poor market conditions, reports Bloomberg quoting its CEO Yoo Chang-keun. “This year will be the year to strengthen our financials
A unit of Swiss shipping group MSC has bought a stake in U.S. ports operator Total Terminals International (TTI) from Hanjin, MSC said on Wednesday, having overcome objections from the South Korean line's U.S. creditors. Privately owned MSC, the world's no
South Korean shipping unit will purchase Hyundai Merchant Marine (HMM) vessels for USD 515 million and lease them back to the container carrier at favorable charter rates as part of a state aid program. Korea Shipping Co., a new entity servicing troubled shippers will act as a
South Korean shipping line Hyundai Merchant Marine Co. (HMM) said it will buy a fifth of the company that runs the biggest container terminal at Long Beach Total Terminals International terminal (TTI), Calif., the U.S.’s second-largest port.
As many as 220 former Hanjin Shipping employees could be set to start work at Hyundai Merchant Marine. The South Korean carrier has already hired 131 employees including onshore, offshore, overseas staffs and ship managers. Moreover
Hyundai Merchant Marine (HMM) said it has signed an agreement with intra-Asia trade carriers Heung-A Shipping and Sinokor Merchant Marine to form a container shipping alliance called the HMM + K2 consortium. The HMM + K2 consortium, which is slated to start operation in March after a formal
The upcoming reorganization of global shipping alliances is likely to hit Korea’s largest port in Busan and the harbor volume of Busan Port is expected to drop by 3.5 percent from next year, the Korea Herald reported quoting Korea Maritime Institute (KMI)’s report.
The Port of Long Beach’s Harbor Commission on Wednesday approved an agreement to replace the bankrupt operator of its largest cargo terminal. The Long Beach Board of Harbor Commissioners greenlighted the move by a subsidiary of Mediterranean Shipping Co
South Korean ocean carrier Hanjin Shipping Co. signed a deal to sell its stake in the U.S. port operator that runs Long Beach, Calif.’s, biggest container terminal to Mediterranean Shipping Co. (MSC), reports WSJ. Hanjin, which for bankruptcy protection in August