Hyundai Merchant Marine Plans Asset Sale

By Aiswarya Lakshmi
Tuesday, February 02, 2016
Photo: Hyundai Merchant Marine Co

 Hyundai Merchant Marine Co. (HMM), is resurrecting an asset-sale plan in an effort to stave off bankruptcy as it reels from a crisis in the shipping industry brought on by slowing global trade, says WSJ.

 
The Seoul-based company plans to seek another buyer for its majority stake in stock brokerage Hyundai Securities Co Ltd and other shipping facilities to raise cash and repay maturing debt.
 
Korea's 21st largest family-controlled conglomerate, which is widely known for its now-defunct North Korea tourism project, has pledged to do everything it can to raise cash to bolster HMM's deteriorating bottom line.
 
HMM's talks to sell its entire 22.4 percent stake in the brokerage to Japan's Orix Corp for about 647 billion won ($535.83 million) fell apart late last year, the spokesman said.  
 
Hyundai Merchant has posted a net loss for four consecutive quarters through Sept. 30. It is struggling under a 7 trillion won ($5.8 billion) debt.
 
Shipping lines worldwide have been selling assets, cutting workers and considering consolidation to stem losses as years of slowing global trade and overcapacity eat into rates. 
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Sovcomflot IPO Soon

The long-awaited initial public offering (IPO) of Sovcomflot, which runs one of the world’s largest tanker and gas carrier fleets, has moved a step closer.    Economy

First Cruise Company Fined under Australia’s New Fuel Rules

Australia’s NSW Environment Protection Authority (EPA) has fined Carnival PLC $15,000 after one of its P&O Cruises ships, the Pacific Jewel, breached new low sulfur fuel regulations in Sydney Harbour.

UASC Completes Award Winning Finance Deal

United Arab Shipping Company (UASC) announced  the recent conclusion of a series of transactions that resulted in the issuance by a U.S. based trust of $162 million

Finance

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

News

Winners of Ferry Design Contest Selected

Winners of International Student Design Competition for a Safe Affordable Ferry to be revealed at the Ferry Safety and Technology Conference   Dr. Roberta Weisbrod,

Maritime Consolidation: Palfinger Aims to Acquire Harding

As maritime markets continue to struggle, merger and acquisition activity should heat up. Today, Austria's Palfinger Group announced that it intends to acquire

Glosten Promotes Lamkin to Senior Marine Consultant

Seattle-based naval architecture and marine engineering consultancy Glosten has promoted Bradley G. Lamkin, PE to Senior Marine Consultant. As a Senior Marine Consultant

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1003 sec (10 req/sec)