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 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

TMR Unit MarCom Integrates with MCP

Telenor Maritime Radio’s (TMR) business unit for the commercial maritime communications market, MarCom, integrates with Maritime Communications Partner (MCP).   The internal transfer in Telenor,

Petronas to Deliver LNG from FLNG in Q1 2016

The world's first floating liquefied natural gas (LNG) project, built by Petronas, is expected to supply its first cargoes in the first quarter of 2016, senior

IRS on Talent Acquisition Spree

IRClass, the Leading Ship Classification Society has hired 17 of the brightest and best Naval Architecture students from the elite technical institutes of India.

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.1294 sec (8 req/sec)