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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)


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


THE Alliance Beckons HMM

File Photo: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) is sailing into the THE Alliance. With the new charter deals  it is now “one step closer to becoming a member of THE Alliance”, from which it was excluded when the mega-alliance was announced last month.   According to  a report in Business Korea, HMM president Lee Baek-hoon met with K Line president and CEO Eizo Murakami in Tokyo to discuss the former’s joining the THE Alliance


HMM in Talks to Join 2M Alliance

File Photo: Hyundai Merchant Marine

 Maersk and MSC have initiated meetings with Hyundai Merchant Marine (HMM) to discuss the South Korean carrier joining the 2M alliance, says local media reports.   According to Korea Herald,  Korea’s second-largest shipping company is considering joining the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company - the world’s first and second largest container carriers.   


Hanjin Shipping to File for Court Receivership

Photo: Hanjin Shipping

South Korea’s biggest container shipping line Hanjin Shipping Co has decided to apply for court receivership after lenders halted all support, says a report in Bloomberg.   A Reuters report also says that it would file for court receivership after losing the support of its banks, and the country's financial regulator said a rival operator will look to buy Hanjin's "good" assets.   Banks withdrew support for the world's seventh-largest container carrier on Tuesday


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)


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


HMM to Form Cooperative Relationship with 2M

Hyundai Dream (13,100TEU) Photo HMM

South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship named "2M+H Strategic Cooperation". HMM had previously been in talks to join the vessel-sharing alliance, which includes Denmark's Maersk Line, part of A.P. Moller-Maersk, and Mediterranean Shipping Co (MSC), the world's two largest shipping lines. However


HMM’s Cargo Processing at Busan Port Hit Record

Graph: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) announced that its cargo processing at Busan Port, the largest sea gateway in Korea, has hit a new record.   HMM handled 167,018 TEUs of cargo through the port in July, increased by 93 percent year-over-year


HMM Orders New Carriers

File Photo: Hyundai Merchant Marine

 South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources.   "HMM will invest 470 billion South Korean won (U.S


HMM Confirms Contract With DSME For Five VLCCs

DSME CEO Jung Sung-leep (left) and HMM CEO C.K. Yoo (right). Photo: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) announced that it has signed a formal contract with Daewoo Shipbuilding & Marine Engineering (DSME) for construction of five 300,000 dwt Very Large Crude Carriers (VLCC) with an option of five more vessels.  


HMM Completes First Blockchain Pilot Voyage

Image: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) announced that it has successfully completed its first blockchain technology adopted pilot voyage.   HMM, with other members of shipping and logistics blockchain consortium, have conducted its first pilot voyage from Korea to China (Busan to Qingdao) with


FMC's Doyle OKs Boxship Pact

Photo: HMM

Carriers are integral to the supply chain; shippers should review their options with all ocean carriers Commissioner William P. Doyle of the Federal Maritime Commission issued the following statement today, Agreement to go into effect March 30, 2017.  


HMM New Service in North China, Korea and Russia

Photo: Hyundai Merchant Marine

Hyundai Merchant Marine (HMM) announces the launch of a new North China-Korea-Russia weekly service, under the name of ‘CRN (China Russia North Service)’.  The CRN service covers the ports of ‘Qingdao-Shanhai-Ningbo-Pusan-Vladivostok-Vostochny-Pusan-Qingdao’ and will


HMM Meets Vietnamese Delegation

HMM CEO Yoo Chang-keun (second left), Vice Minister of Transport in Vietnam Nguyen Van Cong(third right) and other relevant parties are discussing various cooperative methods for port business in Vietnam. Photo: Hyundai Merchant Marine

 On June 29, Vice Minister of Transport in Vietnam, Nguyen Van Cong accompanied by delegates from Vietnam Maritime Administration (VMA) and Vietnam National Shipping Lines (Vinalines) visited Hyundai Merchant Marine(HMM).   The delegates arrived Korea on 26th at the invitation of Busan


Hyundai Merchant Marine Asia-US West Coast Volume Up by 77%

Graph: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) has announced that its Asia-US west coast (USWC) volume in June 2017 increased 77% year-on-year.  According to PIERS Data, HMM’s Asia-USWC handling cargo rose year-on-year from 7,953 TEU/WK to 14,055 TEU/WK (up 77%) at the end of June 2017.  


Hyundai Merchant Marine Seeks USD 8.9 bln from KDB

Image: Hyundai Merchant Marine

 Hyundai Merchant Marine (HMM) requested the Korea Development Bank (KDB) to support with a total of 9.9 trillion won (US$8.9 billion) in funds until 2022  to grow into the 8th largest global shipping company in the future, Business Korea reported. 


Hyundai Merchant US Volumes UP

Image: Hyundai Merchant Marine

 South Korea's leading container carrier Hyundai Merchant Marine (HMM) will allocate more vessels to meet rising demand on U.S. routes in the coming months, reported Yonhap.   HMM expects a shortage of container carriers on the high-traffic routes from August to October as U.S


South Korea’s 14 Cargo Carriers for Alliance

Youn Jae Lee, Chairman, KSA. Photo: Korea Shipowners’ Association

 South Korea’s 14 container carriers will sign a memorandum of understanding next Tuesday to establish the Korea Shipping Partnership (KSP), the Korea Shipowners’ Association said, reported Pulse News.   The move is  to help the nation better compete in the global


14 South Korean Ship Owners Form Alliance

File Photo: HMM

 A group of 14 South Korean shippers are joining forces to form the first domestic alliance, aiming to restore the country’s shipping sector, reported Yonhap.   Under the name “Korea Shipping Partnership (KSP)”, the new shipping consortium will be led by Hyundai


Hyundai Merchant in the Red in Q2

Photo: Hyundai Merchant Marine Co Ltd

 South Korea's Hyundai Merchant Marine (HMM) suffered an operating deficit of USD 112 million in the second quarter, the company said in a regulatory filing. The third quarter will bring much better results, says the carrier.   Yonhap News Agency said that the company attributed


HMM to Launch Arctic Sea Service

File Photo: Hyundai Merchant Marine

 South Korea’s leading container carrier Hyundai Merchant Marine Co (HMM) is considering launching a regular liner service via the Arctic Sea, a move that could cut transits between Asia and Europe considerably, reported Pulse.  


Hyundai Merchant Marine, BlackRock in Investment Talks

(File photo: Hyundai Merchant Marine)

South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) is in talks with BlackRock Inc about a potential investment but details have yet to be discussed, a HMM spokesman said on Monday.   BlackRock is in talks with HMM to invest up to 1 trillion won ($880 million) in the nation's largest






 
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