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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)


Hanjin Shipping to File for Court Receivership

Photo: Hanjin Shipping

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


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)


HMM to Form Cooperative Relationship with 2M

Hyundai Dream (13,100TEU) Photo HMM

South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship named "2M+H Strategic Cooperation". HMM had previously been in talks to join the vessel-sharing alliance, which includes Denmark's Maersk Line, part of A.P. Moller-Maersk, and Mediterranean Shipping Co (MSC), the world's two largest shipping lines. However


HMM in New Alliance Deal

Hyundai Dream Photo Hyundai

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


Busan Port May Hit by Shipping Alliance Reshuffle

Photo: Busan Port Authority

 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.  


Long Beach Approves MSC's Bid for Hanjin Terminal

Photo: Port of Long Beach

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


Hanjin Sells US Terminal Stake to MSC

Photo: Total Terminals International, LLC

 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


HMM Looks for Profit in Q1

Photo: HYUNDAI Merchant Marine CO.,LTD

 Hyundai Merchant Marine Co. (HMM) expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, reports Yonhap, quoting its chief executive Yoo Chang-keun.  


Hyundai Merchant Marine Ties Up with 2M Alliance

Photo: Hyundai Merchant Marine Co Ltd

 Heavily indebted South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship that falls short of full-fledged membership.   Joining an alliance with major shipping firms was one of the


Maersk, Hyundai Merchant Marine alliance talks in doubt

Hyundai Merchant Marine says still in talks to join 2M; joining an alliance was precondition for HMM debt relief. Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the


2M Alliance's NO to Hyundai Merchant

Photo: Hyundai Merchant Marine

 Danish shipper Maersk Line, part of A.P. Moller-Maersk, said it is no longer considering Hyundai Merchant Marine for membership in the group, reports Reuters.   This is a major blow to the troubled Korean shipping company. Membership in 2M Alliance would have guaranteed HMM a steady


Hyundai Denies 2M Partnership Failure

Photo: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) has denied reports that it failed to join the global shipping alliance 2M  that the company has sought for months as part of its normalization plan.   According to Yonhap, "We are still in negotiations (with 2M) to iron out differences


Korea Line to Take Over Hanjin's Asia-US Route

Photo: Hanjin Shipping

 South Korea’s Korea Line has been picked as the preferred bidder to buy the troubled shipper Hanjin Shipping’s Asia-US operations, beating Hyundai Merchant Marine, reports Reuters.   The judge at the Seoul Central District Court


Two Final Bids for Hanjin

Photo: Hanjin Shipping Co

 Bankrupt Hanjin Shipping Co has received two final bids for its Asia-U.S. route and its 54% ownership in the Long Beach terminal, the Wall Street Journal reported.   Hyundai Merchant, South Korea’s largest shipping line, and Korea Line, a smaller operator


HMM Acquires Hanjin's 11 Ships

Photo: Hanjin Shipping Co

 South Korea's Hyundai Merchant Marine Co. (HMM) will take over 11 ships returned by bankrupt  Hanjin Shipping Co. to the Korea Development Bank (KDB), reports Business Korea.   Haeyoung Maritime Services Co., a subsidiary of HMM which provides ship management and maintenance


Korea Dreams it Big for HMM

File Photo: HMM

 The government of South Korea has decided to help Hyundai Merchant Marine (HMM), the nation’s only major shipping line, grow into a mega shipper by all means available, reports Business Korea.   The state plans to provide loans of up to 6.5 trillion won (US$5


Hanjin Take-over: Bidders Begin Due Diligence

Photo: Hanjin Shipping Co Ltd

 Bidders for Hanjin Shipping Co.'s Asia-U.S. route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, Yonhap reports quoting industry sources.  


HMM Among 5 Bidders to Take Over Hanjin’s Transpacific Routes

Photo: Hanjin Shipping Co

 South Korea’s Hyundai Merchant Marine (HMM) is one of five bidders for the trans-Pacific and intra-Asia networks of  Hanjin Shipping Co, reports WSJ. HMM submitted letters of intent to bid on Friday, the last day for such submissions.    






 
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