Marine link
 

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)


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.


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)


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


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


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.   


G6 Alliance Enhances Asia-Europe Service

...

In response to market demand, members of the G6 Alliance today announced Asia–Europe service enhancements to improve product transit times and coverage.   Service Enhancements   Loop 7 - Additional call to Gdansk   The Loop 7 service will be extended to serve the Baltic market with the addition of a direct port call to Gdansk.   New port rotation: Qingdao – Shanghai (Yangshan) – Hong Kong – Yantian – Singapore – Rotterdam


G6 Alliance to Maintain Service Structure through 2016

Photo: NOL

Container shippers of the G6 alliance intend to maintain current service structure and operate as aligned through 2016, following news of CMA-CGM’s potential takeover of Neptune Orient Lines (NOL) announced earlier this week. Singapore-based NOL, parent company G6 member APL, said it will continue to operate as normal as its acquisition remains subject to regulatory approvals expected in the later part of next year.


Capital Product Partners Declare Cash Distribution

Photo Capital Product Partners

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016.


Hanjin Shipping Opts for Debt Restructuring

Photo: Hanjin Shipping Co. Ltd

 South Korea’s Hanjin Shipping Co. Ltd will work with lenders to restructure debt after years of weak demand resulted in losses and cash erosion, reports Bloomberg.   The board of Hanjin Shipping decided to file for receivership and give creditors authority to manage the company


Hanjin Shipping, Hyundai Merchant Merger Talks in Air

Photos: Hanjin Shipping and Hyundai Merchant Marine

 A report in WSJ says that Hanjin Shipping Co has applied for a creditor-led debt restructuring to avoid bankruptcy, reviving talk of a possible merger with rival Hyundai Merchant Marine Co. (HMM).   It could be merged as a part of the government-led restructuring of ailing industries


Hanjin Shipping May Get OK for Restructuring

Photo: Hanjin Shipping

 South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line, local media reports suggest.    Creditor banks of cash-strapped Hanjin are likely to give the


FMC’s Doyle Addresses Intermodal Hot Topics

William P. Doyle (Photo: FMC)

Speaking at the Intermodal Association of North America on May 5 in Chicago, U.S. Federal Maritime Commissioner William P. Doyle discussed several of the shipping industry’s hottest topics, including ocean carrier consolidations and alliances, container weight VGM under SOLAS, and chassis.


Shipping Firms Poised to Settle EU Probe

Photo: Mediterranean Shipping Company

 Fifteen container liner shipping companies "have offered to change their pricing practices to settle an EU antitrust probe and stave off possible fines," according to a report from Reuters Wednesday that cites two unnamed sources.  


G6 Alliance Voids Asia-Europe Sailings

Logos of G6

Members of the G6 Alliance today announced additional void sailings within their Asia-Europe product in response to changes in market demand.   As the G6 Alliance continues to review its product profile, the Loop 6 service will void sailings starting from Week 8 for a period of 11 weeks.


Drewry: HMM, Hanjin Mull Merger

Pic: Hanjin Shipping

 A merger between Hyundai Merchant Marine (HMM) and Hanjin Shipping remains a real possibility, says the London-based analyst firmDrewry, who has looked at how such a company will look like.   The  research paper published by Drewry Maritime Equity Research last month concluded


Hyundai Merchant Heading for Bankruptcy ?

Photo: Hyundai Merchant Marine

 A bankruptcy of Hyundai Merchant Marine (HMM) would become the biggest ever in the shipping sector, and the creditors seem on the way to taking over control with the shipping group.   Without further government support, bankruptcy is growing closer for Hyundai Merchant Marine (HMM)


HMM, FESCO and CMA CGM Launch Joint CRS Loop

The Hyundai Unity, which was deployed to the new service, crossing the ocean. Photo HMM

Hyundai Merchant Marine (HMM), FESCO and CMA CGM announced the launch of a new China-Korea-Russia weekly service, under the name ‘CRS (China Russia South Service).’ Prior to the launch, HMM has been jointly operating two services ‘KRS (Korea Russia Service)’ and


G6 Alliance Announces Asia-Europe Shuffle

Members of the G6 Alliance, including  APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line, have announced additional void sailings within its Asia-Europe product to adjust to market demand.  


G6 Alliance Announces Schedule Update Between Asia and Europe

Photo: Hapag-Lloyd AG

 Members of the G6 Alliance today announced additional void sailings within their Asia-Europe product to adjust to market demand.   As the G6 Alliance continues to review its product profile, the Loop 6 service’s further void sailings will start from Week 19 for an additional


Asia Dry Bulk-Capesize Rates Likely to Stay High

A so-called ValeMax bulk carrier at the berth (File image: Vale)

Flurry of cargo fixtures push Australia, Brazil rates to highest since December. Freight rates for large capesize dry cargo ships on key Asian routes are likely to hold steady next week near four-month highs if owners continue to reactivate idle tonnage on upbeat cargo demand


KB Fin Buys Hyundai Securities Stake for $1.1 Bln

Photo: Hyundai Merchant Marine

South Korean banking group KB Financial Group Inc is acquiring a controlling stake in brokerage Hyundai Securities Co Ltd for 1.25 trillion won ($1.09 billion) in a high-priced bet on diversification.   About two-thirds of KB Financial's 2015 net profit came from its banking unit


Hyundai Merchant Marine in Doldrums

Photo: Hyundai Merchant Marine Co

 Amid speculation that Hyundai Merchant Marine Co. (HMM) may go into court receivership, the financial authorities and creditors will try to make it a subsidiary of Korea Development Bank (KDB).    South Korea’s finance minister Yoo Il-ho said that HMM


Hanjin Shipping Seeks Bank-Debt Restructuring

Hanjin's debts at 5.6 trln won at end 2015; company has been squeezed by low shipping margins. South Korea's Hanjin Shipping Co Ltd will ask creditor banks to restructure its debt, the country's largest shipper by assets said, in an attempt to weather a squeeze in margins from a severe industry






 
rss feeds | archive | privacy | history | articles | contributors | top news | contact us | about us | copyright