WW and OW Acquire HMM’s Car Carrier Division

Tuesday, August 13, 2002
Representatives from Wilh. Wilhelmsen ASA (WW) and Wallenius Lines AB (OW) on August 10, 2002 signed the agreement with Korea’s Hyundai Merchant Marine Co., Ltd. (HMM) on the acquisition of HMM’s car carrier division. The terms of the agreement include long-term exclusive contracts with Hyundai Motor Company (HMC) and Kia Motor Corporation (KMC) on shipping their car exports for an initial five-year period, with provision for extensions. The newly-established company, which will acquire HMM’s car carrier division, will be incorporated in Korea, with WW and OW together holding 80 percent and with HMC and KMC together holding 20 percent. The price for the acquisition will be $1.3 billion plus the assumption of future vessel charter obligations. Completion of the acquisition is conditional upon obtaining regulatory approval and financing.
Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Offshore Driller Noble Corp Q1 Earnings Beat Forecasts

Noble Corp., a leading offshore driller, reported first-quarter net income on Wednesday of $0.99 a share, higher than consensus forecasts, as new rigs helped lift revenues.

WireCo Acquires Netherlands’ Endenburg

Company will open new crane distribution center WireCo WorldGroup Inc., the world’s leading producer and marketer of specialty steel ropes and high synthetic ropes,

Keppel Q1 Profits Dip Slightly

The Keppel Corporation released its limited unaudited results for the first quarter ending March31, 2014, reporting a 5% decrease in net profits to S$339 million compared to Q1 2013's S$357 million,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1053 sec (9 req/sec)