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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)

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

Grand Alliance, ZIM & HMM Jointly Announce New SCE2 Service


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, 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 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

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 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

Two Finalist Proposals for New Port of Philadelphia Terminal

Less than three months after seeking proposals from interested parties to design, operate and maintain a major new marine terminal in South Philadelphia, Governor Edward G. Rendell announced on July 23 the shortlist of teams that will continue in the solicitation process developing a public-private partnership that is expected to bring millions of dollars of investment to the region. One of the teams selected was a consortium comprising Delaware River Stevedores (DRS) and Hyundai Merchant

ACS Calls Krishnapatnam Port

HYUNDAI MERCHANT MARINE (HMM), the Korean conglomerate operating its ASIA CHENNAI SERVICE (ACS) made an ad hoc call at Krishnapatnam Port on November 26, 2015.   ACS service which was launched in 2007 is a direct service ex Chennai to Port Kelang, Singapore, Shanghai, Busan, Ulsan

Hyundai and Hanjin Deny Merger Talk

Pic: Hanjin

 While merger talks between South Korean shipping companies Hanjin and Hyundai Merchant Marine lines hit the newspapers, the latter has refuted rumors that the government asked the carrier to merge with the former.   HMM said, "With regards to the report in Korea Economic News

Asian Shipping Lines Lowers Fees

Photo: Kawasaki Kisen Kaisha (K Line)

 China’s National Development and Reform Commission (NDRC) said Japan’s Kawasaki Kisen Kaisha (K Line), South Korea’s Hanjin Shipping, Hyundai Merchant Marine (HMM), Taiwan’s Evergreen, Wan Hai Lines, Yang Ming, China Shipping Container Lines (CSCL) and others

China: Asian Box Shipping Lines Cut Fees

File Image: P.Plisson (CMA CGM)

Asian shipping lines including Japan's Kawasaki Kisen Kaisha and China Shipping Container Lines have voluntarily lowered shipping surcharges, the country's top economic planner said on Monday. The statement by the National Development and Reform Commission (NDRC) comes after China's cabinet

G6 Announces Asia-North America Winter Program

Berlin Express-HL

  Members of the G6 Alliance today announced the Winter Program for Asia – North America services in response to traditional seasonal changes in market demand. The following are the temporary service suspensions: Asia – North America East Coast Service

G6 Alliance Axes Four Asia-Europe Sailings

Photo: Hapag-Lloyd

Container shippers of the G6 Alliance announced four sailings within their Asia-Europe product have been cancelled in response to changes in market demand.    According to the shippers, as the G6 Alliance continues to review its product profile

G6 Alliance Modifies Asia-Europe

G6 Alliance. Image: NYK Line

 The G6 Alliance has strengthened its Asia-Europe service by adding additional ports.    The G6 alliance, consisting of APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Orient Overseas Container Line

G6 Alliance Extends Asia – North America Service

Photo Hapag-Lloyd

In response to market demand, members of the G6 Alliance today announced the below enhancement to improve the Asia – North America (East Coast) trade. NYK will continue to make every effort to improve its quality and reliability to respond to the diversifying needs of customers.

G6 Alliance Enhances Asia/North America Service

In response to market demand, members of the G6 Alliance today announced service enhancements in the Asia – North America (Pacific Southwest) trade. Service Enhancements Central China 2 (CC2) Service – Additional Pusan call

Hyundai Merchant Marine sheds Asset to Cut Debt

South Korea's Hyundai Merchant Marine Co Ltd (HMM) will sell a major stake in stock brokerage Hyundai Securities Co Ltd for 647 billion won ($579.84 million) to a special purpose company set up by Japan's Orix Corp, an HMM spokesman said on Friday.

HMM Appoints ISS for Australian Business

  Hyundai Merchant Marine (HMM) announcec that its Australian container liner business will be handled by Inchcape Shipping Services (ISS), effective February 1, 2015. Both HMM and ISS are working closely together to ensure that the change over to the new agency is a seamless transition

G6 Alliance Makes Seasonal Service Change

Pacific Atlantic 2 service has temporarily stopped calling European ports due to a seasonal change in market demand. The service portfolio between Asia and North America East Coast continues unchanged. Members of the G6 Alliance have adjusted one of its Pacific Atlantic services in response to

G6 Alliance Announces Asia – US East Coast Winter Program


Combined service will replace NYE and SCE temporarily / Due to seasonal changes in market demand. Members of the G6 Alliance have announced the Winter Program for Asia – U.S. East Coast sailings in response to seasonal changes in market demand.

EU to Approve Hapag-Lloyd, Vapores Deal with Conditions

Photo: Compania SudAmericana de Vapores

European Union antitrust regulators will conditionally clear a deal by Hapag-Lloyd and Compania SudAmericana de Vapores to form the world's fourth-largest container shipping company, two people familiar with the matter said on Friday. The case is important for the shipping industry where

Asia–U.S. Container Lines to Introduce Freight Increase

TSA Containership: Photo Evergreen Line

The Transpacific Stabilization Agreement (TSA) informs that member container shipping lines are proposing an across-the board general rate increase (GRI) of at least US$600 per 40-foot container (FEU) to all destinations, effective September 1

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