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Hyundai Merchant

Hyundai Merchant Marine Sells Off Two Million Shares

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.


$67M Containership Order Logged

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)


THE Alliance Beckons HMM

File Photo: Hyundai Merchant Marine

 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


200 SOLASAFE Screens for Hyundai Containerships

Hyundai Hope under construction at Daewoo Shipyard in Okpo, Korea. The first vessel in a series of four, she will be delivered in March 2014

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


HMM in Talks to Join 2M Alliance

File Photo: Hyundai Merchant Marine

 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.   


Hanjin-Hyundai: No Merger or Only Restructuring?

Photo: Hanjin Shipping

 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


G6 Alliance Cancels Two Asia-Europe Voyages

As part of its vessel maintenance program and in connection with the national holiday in China, members of the G6 Alliance have announced two voyages to be cancelled in early October. The void sailings will be made on the following two services:  Loop 7 service in Week 41 (intended ETD Qingdao October 9)  EUM service in Week 41 (intended ETD Pusan October 7) The G6 Alliance, consisting of APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K


Grand Alliance, ZIM & HMM Jointly Announce New SCE2 Service

Hapag-Lloyd.gif

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)


Containerships: G6 Alliance Alters Routes on Seasonal Demand

Temporary suspension of Central China (CC2) Service / All ports covered by other G6 services   In response to seasonal changes in market demand, the members of the G6 Alliance announced the temporary suspension of their Central China (CC2) service between Asia and the U.S. West Coast until further notice. The last sailing for CC2 will be “OOCL Italy” departing from Shanghai on October 31. All ports called by CC2 will be covered by other G6 Alliance services.   


APL, HMM, MOL and CMA CGM Announce Capacity Plans

APL, Hyundai Merchant Marine (HMM), Mitsui O.S.K. Lines (MOL) ¬¬– 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 – particularly for fuel.


G6 Updates Asia-North America West Coast Service

Hapag-Lloyd’s Berlin Express (Photo Hapag-Lloyd)

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance today announced a change within their Asia - North America West Coast products in response to changes in market demand


HMM May Hire Foreign CEO for Revival

Photo: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) will start the process to appoint a new chief executive officer (CEO) when Hyundai Group loses control on Aug. 5, reports Korea Times quoting un-named industry sources.   The challenged shipper will begin a new chapter in its 40-year history


Hyundai Merchant Marine to Join 2M Alliance

Photo: Hyundai Merchant Marine

South Korean shipper Hyundai Merchant Marine Co Ltd said on Thursday that it had signed a preliminary deal to join a 2M vessel-sharing alliance of Maersk Line and Mediterranean Shipping Co (MSC), the world's two largest container shippers.  


EU Accepts Antitrust Concessions from Maersk, MSC, Others

File photo: Maersk Line

EU antitrust regulators accepted on Thursday an offer from Maersk, the world's largest container shipping liner, and 13 other competitors to change their pricing practices.   The companies agreed to publish binding actual rates 31 days before they go into effect


Maersk May Swallow Hyundai Merchant

File Photo: Hyundai Merchant Marine Co

 Business Korea reports that rumours are now rife in the container business world that Maersk could swoop on Hyundai Merchant Marine and subsume its activities into their own business.   The report says that recent moves by Hyundai Merchant Marine to join the 2M alliance led by Maersk


Will Zim Join 2M?

Photo: ZIM Integrated Shipping Services Ltd

 Israeli carrier Zim Integrated Shipping Services (ZIM) might join the 2M Alliance between Maersk Line and Mediterranean Shipping Co., Alphaline said quoting industry sources.   This news followed the last week's news of South Korea’s Hyundai Merchant Marine (HMM)


EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

File photo: Maersk Line

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe, three people familiar with the matter said on Tuesday.  


EU to Accept Antitrust Offer From Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe, three people familiar with the matter said on Tuesday.  


The Odd Trio: HMM, Maersk and MSC

Photo: Mediterranean Shipping Company

 In one of the more bizarre twists in the container shipping market it emerged last week that financially troubled carrier South Korean Hyundai Merchant Marine (HMM) is in talks with the world’s two largest lines, Maersk Line and MSC about the possibility of joining them in the 2M


Will Maersk Line acquire HMM

Photo: Maersk Line

 There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither company has commented on the matter. Both companies were tight-lipped today on merger talk.  


HMM-Hanjin Marriage on Anvil

Image: HMM-Hanjin

 The Korean government has said that  it will consider merging ailing Hyundai Merchant Marine (HMM) and Hanjin Shipping should they successfully normalize their management, according to The Korea Times.   "Once the normalization program for the two shipping companies is


S.Korea Creates $9.5 Bln Fund for Banks Exposed to Shipyard Troubles

Photo: Robert Kunkel

South Korea's government and central bank will create an 11 trillion won ($9.50 billion) fund to support two state-run banks most exposed to the country's struggling shipping and shipbuilding firms.   "Our key industries like shipping and shipbuilding are being aggressively caught up


G6 Alliance Cancels Some Asia-Europe Sailings

File photo: Hapag-Lloyd

Facing less-than-expected market demand, members of the G6 Alliance announced additional void sailings within the container shippers’ Asia-Europe service, suspending its Loop 6 service until further notice.    The G6 Alliance, which consists of APL, Hapag-Lloyd


HMM to Join New Shipping Alliance

File Photo: Hyundai Merchant Marine Co

 Korea Times says that Hyundai Merchant Marine (HMM) will join a new global shipping alliance, as the cash-strapped shipper has successfully reached a debt-rescheduling deal with its bondholders.   HMM announced that it has reached a resolution with holders of all five bond issues that


Hyundai Merchant Marine Bondholders Approve Debt Swap

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






 
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