Hyundai Merchant Marine Co News

South Korean shipping firm Hyundai Merchant Marine Co said in a press statement that its cargo ship, Hyundai Dubai, rescued all 23 crew members of the Norwegian oil tanker Front Altair, one of the two vessels that caught fire on suspicious attacks in the Gulf of Oman.According to U.S. officials, the crew of the Norwegian-owned tanker Front Altair has been held by the Iranians for nearly 48 hours after they were first rescued by another merchant vessel following attacks on oil tankers in the Gulf of Oman early Thursday.Front Altair’ encountered an explosion accident in the Strait of Hormuz, officials explained.According to the ‘Hyundai Dubai’, the three rounds of explosion occurred at 06:40 a.m.

The provider of seaborne transportation services, Danaos Corporation has concluded a $150m sale-and-leaseback deal for two of its biggest boxships with the alternative investment firm EnTrust Global.Watson Farley & Williams (WFW) has advised EnTrust Global’s (ETG) Blue Ocean Funds on the transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos, said a press release.This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market, with the US$150m made available to Danaos, a NYSE-listed global shipping company maintaining a fleet of large size container vessels…

Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM)  has decided to resign from his position next month.Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround. His successor has yet to be announced.Yoo thanked staff for support and requested them “to join forces with an incoming CEO and make a new leap forward for history” in the emailed farewell message…

Diana Containerships announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina.The global shipping company specializing in the ownership of containerships said that the  gross charter rate is US$11,950 per day, minus a 5% commission paid to third parties, for a period of minimum eight months to maximum 12 months.The charter will commence on August 24, 2018. The m/v Pamina is currently chartered, as previously announced, to Orient Overseas Container Line Ltd., Hong Kong, at a gross charter rate of US$9…

Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina. The Pamina is a 5,042 TEU container vessel built in 2005.The gross charter rate is $11,950 per day, minus a 5 percent commission paid to third parties, for a period of minimum eight months to maximum twelve months. The charter will commence on August 24, 2018.This employment is anticipated to generate approximately $2.87 million of gross revenue for the minimum scheduled period of the time charter.The m/v Pamina is currently chartered to Orient Overseas Container Line Ltd.…

South Korea’s leading sea carrier Hyundai Merchant Marine Co. (HMM) has signed a financial contract with Korea Shipping and Maritime Transportation to build five 300,000-ton very large crude carriers (VLCCs), said a report in Business Korea. HMM has secured $420 million (470 billion won) through a state shipbuilding subsidy funding program, it said. The order has already been placed with local shipyard Daewoo Shipbuilding and Marine Engineering (DSME) September last year. The financial support program consists of 60 percent of unsubordinated investment and 40 percent of subordinated investment. HMM participated in subordinated investment with 47 billion won (US$43.56 million), 10 percent of the total shipbuilding contracted price.

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 shipper, the Korea Economic Daily reported on Monday, citing unidentified investment banking and shipping industry sources.   A BlackRock spokeswoman could not be immediately reached for comment.   HMM shares were up 1.2 percent in morning trade, compared to a 0.2 percent fall for the wider market.   Reporting by Joyce Lee

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. South Korea’s largest ocean carrier is considering a trial operation from as early as 2020. A number of local logistics companies have ventured into the Arctic routes, but did not last due to lack of ships and crew expertise to navigate against the ice-packed waters. The report quoted the local shipping industry saying that with a heavy fleet of vessels, human resources and ample commercial infrastructure is the candidate to become Korea’s first flag carrier running regular shipment via the Arctic sea route.

South Korean shipping line Hyundai Merchant Marine Co. (HMM) said it will buy a fifth of the company that runs the biggest container terminal at Long Beach Total Terminals International terminal (TTI), Calif., the U.S.’s second-largest port. HMM announced that its board of directors decided to buy a 20-percent stake in TTI and equipment-leasing firm HTEC for a combined US$15.6 million. HMM will now become the No. 2 stakeholder in TTI after Geneva-based Mediterranean Shipping Co (MSC). TTI operates terminals at Seattle and Long Beach. HMM will receive the same port tariff rates with MSC, and it will help reduce terminal handling costs and secure stable profitability. Also, MSC will stand surety for TTI’s loans and lease which means HMM is not responsible for TTI’s debts.

South Korean ocean carrier Hanjin Shipping Co. signed a deal to sell its stake in the U.S. port operator that runs Long Beach, Calif.’s, biggest container terminal to Mediterranean Shipping Co. (MSC), reports WSJ. Hanjin, which for bankruptcy protection in August, had signed a contract to sell its 54% stake in Total Terminals International LLC to Geneva-based MSC, the world’s second largest container operator by capacity. The exact value of the deal wasn’t known. The Seoul Central District Court handling Hanjin’s insolvency proceedings approved the deal on the condition it also is endorsed by a U.S. Bankruptcy Court and the U.S. port authority. Hanjin owned a 54% stake in Total Terminals International, while MSC had controlled the remaining 46%.

Hyundai Merchant Marine Co. (HMM) expects its profitability to improve slightly in the first quarter of next year on the back of an improvement in freight rates and its cost-cutting measures, reports Yonhap, quoting its chief executive Yoo Chang-keun. Yoo said the shipping firm will seek to replace outdated ships. "We are planning to place orders for five container ships and three or five oil tankers," he said. HMM returned to the black in the third quarter of the year from a year earlier largely thanks to cost-cutting efforts and asset sales. Hyundai Merchant remains steadfast in taking over its local rival Hanjin Shipping Co.'s port terminal operation in the U.S., according to Yoo.

Heavily indebted 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 that falls short of full-fledged membership. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between Hyundai Merchant Marine and its creditors in May, and the company said on Sunday that the tie-up with 2M met that criteria. Its main creditor, the state-backed Korea Development Bank…

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, Maersk had said on Friday that the South Korean shipping firm was no longer being considered to become an operating partner in the alliance. (Reporting by Yun Hwan Chae; Editing by Sam Holmes)

Hyundai Merchant Marine says still in talks to join 2M; joining an alliance was precondition for HMM debt relief. Doubts about the future of Hyundai Merchant Marine Co Ltd surfaced on Friday after Denmark's Maersk Line said the South Korean shipping firm was no longer being considered for the 2M vessel-sharing alliance. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between heavily indebted Hyundai Merchant Marine and its creditors in May so any breakdown in talks could raise serious questions about the future of South Korea's largest shipping firm. Maersk Line, part of A.P. Moller-Maersk, said it was still in talks with Hyundai Merchant Marine but they were no longer about it becoming an operating partner in the alliance.

South Korea’s Korea Line has been picked as the preferred bidder to buy the troubled shipper Hanjin Shipping’s Asia-US operations, beating Hyundai Merchant Marine, reports Reuters. The judge at the Seoul Central District Court, which is handling Hanjin’s insolvency proceedings, awarded Korea Line the first right to purchase the assets of Hanjin’s Asia-U.S. route, as well as its stake in a California terminal. The court said it chose Korea Line over Hyundai Merchant Marine Co., which had been expected to win. Hyundai Merchant was backed by senior government officials and its main creditors, which said they would promote the company as the country’s largest oceangoing carrier.

South Korea's Hyundai Merchant Marine Co. (HMM) will take over 11 ships returned by bankrupt  Hanjin Shipping Co. to the Korea Development Bank (KDB), reports Business Korea. Haeyoung Maritime Services Co., a subsidiary of HMM which provides ship management and maintenance services, has managed one container and three bulk carriers returned by Hanjin Shipping to the KDB at the end of last month. These are Hanjin Shipping’s vessels on bareboat charter hire purchase (BBCHP). The financially ailing company returned them to the KDB as it can no longer afford to make the remaining loan repayments to the bank. Hanjin Shipping has a total of 11 ships – two containers and nine bulk carriers – on the BBCHP financed by the KDB.

Bidders for Hanjin Shipping Co.'s Asia-U.S. route up for sale will start a due diligence process this week, with the asset sale by the country's ailing shipper expected to be completed by next month, Yonhap reports quoting industry sources. According to various reports, Hyundai Merchant Marine Co., Korea Shipping Association, Korea Line Corp. and private equity firm Hahn & Co. were among those that have expressed interest,, as Hanjin is broken up as part of a restructuring plan. The asset sale includes vessels that operate on its Asia-U.S. route. The due diligence on the asset is being conducted from October 31 to November 4. Final bids are due by Nov.

As Hyundai Merchant Marine (HMM) and Swiss shipping giant  Mediterranean Shipping Company S.A. (MSC)  are expected to enter the takeover battle for the Long Beach Terminal in California, they will aggressively negotiate its price, reports Business Korea. There has been reports that Hanjin Shipping Co. is in talks with MSC to sell its stake in the Long Beach Terminal as part of a plan to dispose most of its overseas assets, after the cash-strapped Hanjin officially announced to sell its stake in the Terminal. More global shipping firms, which operate routes to the U.S., are highly likely to participate in the takeover battle. HMM, which seeks to jump into a nation’s mega shipping firm by acquiring the largest asset of Hanjin Shipping…

There has been reports that Danish conglomerate A.P. Møller-Mærsk A/S , the world’s No. 1 shipping company, could seek to take over Hanjin Shipping Co. and Hyundai Merchant Marine Co. However, WSJ, quoting sources says that Maersk Line isn’t likely to move to buy either Hyundai or Hanjin contrary to industry speculation that it would take over either one or both of the troubled Korean cargo ship operators. Instead, the company is likely to wait for other distressed operators to seek buyout deals as they try to avoid bankruptcy, the people said. The speculation of Maersk takeover activity has intensified since Maersk announced late last month that it plans to break up the group into transportation and energy units, according to WSJ.

Danish shipping giant A.P. Moeller-Maersk A/S’s container altered its strategy this month by planning to expand its fleet through acquisition, breaking from its previous preference of building its own boats, reports Forbes. Though, container line, which this month ditched a strategy of building new vessels and will instead try to grow through acquisitions, is targeting South Korea’s two biggest shipping firms, Bloomber quoted as Jefferies International Ltd, saying. Maersk Line’s new focus will be on “gaining market share organically” under the new strategic plan unveiled by the Maersk Group on September 22, while keeping its options open in regards to potential opportunistic acquisitions, according to Alphaliner.

Hyundai Merchant Marine (HMM) has expanded its longstanding relationship with INTTRA, the world's ocean shipping electronic marketplace, by adopting the INTTRA eVGM Service as a channel to facilitate compliance with the International Maritime Organization's Safety of Life at Sea (SOLAS) Verified Gross Mass (VGM) amendment. Under the new rule, which went into effect on July 1, 2016, every container must have a VGM - or certified weight -- in order to gain clearance to be loaded onto a ship. "Many of HMM's customers are already using INTTRA eVGM. By joining the eVGM network, HMM will provide those customers and additional shippers on the network with simplicity and efficiency in submitting VGM information, facilitating even better customer service," said Jim Whalen, INTTRA's President, Asia.

The South Korean bankruptcy court handling the insolvency proceedings of Hanjin Shipping Co. said Wednesday a sale of the troubled company is possible, say media reports. However, the court has yet to reach a decision. "The sale of Hanjin is one of the options we're considering. If we conclude that it's the best way to rehabilitate the company, we'll do so, " Choi Ung-young, a judge and a spokesman for the Seoul Central District Court, said. According to Bloomberg, the Seoul Central District Court has called for a meeting of officials who are evaluating the container line. The court thinks it’s important to start the process sooner rather than later, but the sale plan will depend on market conditions. Hanjin, which filed for court receivership on Aug.

South Korea’s biggest shipping company, Hanjin Shipping Co Ltd filed for court receivership in South Korea on Wednesday 31 August 2016 after losing the support of its banks, setting the stage for what has now become a motley situation. Ince & Co's Knowledge Bank takes a look. Some jurisdictions are refusing to allow Hanjin’s vessels to berth at their ports (on concerns that Hanjin cannot pay the port fees) while some of Hanjin’s vessels have instructions not to berth (for fear of ship arrest). The risk of ship arrest is a real one. Hanjin Rome was arrested in the port of Singapore last week. This arrest is likely to be the first of many more…