Hyundai Merchant Marine Co Ltd News

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 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

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.

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…

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.

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…

South Korea’s second-largest container line Hyundai Merchant Marine Co Ltd is in talks with South Korean firms such as home appliance makers Samsung and LG to carry their cargo, Reuters reported quoting the chairman of South Korea's Financial Services Commission.   Hanjin Shipping Co Ltd was handling cargo of Samsung Electronics Co Ltd and LG Electronics.   Hyundai plans to deploy 13 more vessels to the U.S. and Europe to help ease cargo disruptions after its bigger rival Hanjin's collapse, according to a report in Bloomberg.   HMM could acquire some of the distressed assets from Hanjin, including vessels and protecting some jobs, Bloomberg has reported. HMM said it would work with authorities to come up with possible measures, but elaborated no further.

Hyundai Merchant Marine Co Ltd said on Thursday it will deploy vessels on routes that bankrupt Hanjin Shipping used to use from South Korea to the United States and Europe, it said in a statement on Thursday. Hyundai Merchant Marine said it will start on Sept. 8 deploying four ships capable of carrying 4,000 twenty-foot equivalent units (TEU) each, on the route between Busan, South Korea, and Los Angeles. The company also it will deploy nine ships, capable of carrying up to 6,000 TEU each, to Hanjin Shipping's routes between Busan and select European ports, to be operated as needed. Freight rates in Hanjin-operated routes jumped and manufacturers are scrambling for limited alternatives after Hanjin Shipping filed for court receivership on Wednesday. Reporting by Joyce Lee

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd. The Financial Services Commission said in a statement that Hanjin will soon file for court receivership but that the impact from the filing on domestic financial markets will be limited. A Hyundai Merchant Marines spokesman told Reuters nothing has been decided on any potential acquisition of Hanjin assets and that the firm will be in talks with Hanjin lead creditor Korea Development Bank concerning future plans. Reporting by Joyce Lee and Changho Lee

Hanjin says asks court for its assets to be frozen; Hyundai Merchant looking to buy Hanjin's "good" assets. South Korea's Hanjin Shipping Co Ltd filed for court receivership on Wednesday after losing the support of its banks, setting the stage for its assets to be frozen as ports from China to Spain denied access to its vessels. Banks led by state-run Korea Development Bank (KDB) withdrew backing for the world's seventh-largest container carrier on Tuesday, saying a funding plan by its parent group was inadequate to tackle debt that stood at 5.6 trillion won ($5 billion) at the end of 2015. Hanjin Shipping, South Korea's biggest shipping firm…

Navios Maritime Partners has reached an agreement with South Korean shipping company Hyundai Merchant Marine to cut the hire rate of five container vessels chartered out to HMM by 20%. Pursuant to the charter restructuring documentation executed on July 15, 2016, it has been agreed that the hire rate of five Container vessels chartered out to Hyundai Merchant Marine Co., Ltd. With effect from (and including) July 18, 2016 until (and including) December 31, 2019, hire rate shall be reduced to $24,400 per day pro rata. With effect from (and including) January 1, 2020, hire rate shall be restored to the rate of $30,500 per day pro rata until redelivery.

South Korean shipper Hyundai Merchant Marine Co Ltd said on Thursday that it had signed a preliminary deal to join a 2M vessel-sharing alliance of Maersk Line and Mediterranean Shipping Co (MSC), the world's two largest container shippers. The deal with the "2M carriers," which would take effect in April 2017, would enable the South Korean firm to strengthen its service offering and achieve improved cost competitiveness, the company said in a statement. "The 2M carriers will benefit from a reinforced service competency in Asia and improved network cover in the trans-pacific area…

A majority of Hyundai Merchant Marine Co Ltd (HMM) bondholders have approved a debt-for-equity swap plan, South Korea's second-largest shipper said on Wednesday, paving the way for restructuring of the heavily indebted firm's finances. HMM, which had debts about 5.2 trillion won ($4.36 billion) at end-March, has about 804.3 billion won in publicly traded bonds outstanding, a spokesman said. The debt restructuring plan includes a debt-for-equity swap for over 50 percent of the applicable bonds, while the remaining amount is to be payable in three-year instalments, after a two-year grace period. Last week, HMM's creditor banks agreed to a 680 billion won debt-for-equity swap. Reporting by Joyce Lee

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co. Ltd., CSSA S.A. (Total S.A.), Hyundai Merchant Marine Co.

South Korea's Hyundai Merchant Marine Co Ltd (HMM) plans to seek another buyer for its majority stake in stock brokerage Hyundai Securities Co Ltd , an HMM spokesman said on Monday. 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. The plan needs to be approved by HMM's creditor banks, the spokesman added. Reporting by Joyce Lee

South Korean banking group KB Financial Group Inc is acquiring a controlling stake in brokerage Hyundai Securities Co Ltd for 1.25 trillion won ($1.09 billion) in a high-priced bet on diversification. About two-thirds of KB Financial's 2015 net profit came from its banking unit, Kookmin Bank, and the acquisition of South Korea's sixth-largest securities brokerage by equity capital is aimed at bringing that ratio closer to a stated goal of increasing non-bank contribution to 40 percent.

Hanjin's debts at 5.6 trln won at end 2015; company has been squeezed by low shipping margins. South Korea's Hanjin Shipping Co Ltd will ask creditor banks to restructure its debt, the country's largest shipper by assets said, in an attempt to weather a squeeze in margins from a severe industry downturn. Hanjin, whose chairman Cho Yang-ho also controls flag carrier Korean Air Lines Co Ltd, had debt of 5.6 trillion won ($4.9 billion) and a debt-to-equity ratio of nearly 850 percent as at the end of 2015, according to the company. While major global shippers have undertaken merger deals and entered new alliances recently to survive the downturn, Hanjin and Korea's No. 2 shipper Hyundai Merchant Marine Co Ltd , which is also under voluntary debt restructuring, haven't taken that route yet.

South Korea’s Hanjin Shipping Co. Ltd will work with lenders to restructure debt after years of weak demand resulted in losses and cash erosion, reports Bloomberg. The board of Hanjin Shipping decided to file for receivership and give creditors authority to manage the company, bowing to calls from the government and its main creditor Korea Development Bank (KDB) which asked Cho to accept heavy restructuring of the company. "Board directors of Hanjin Shipping decided to give up their management control for debt restructuring," said a KDB spokesman. Having been faced with an outstanding debt of USD 406 million due in the first half of this year, the company is now aiming to improve the financial structure and “normalize” its management.