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Thursday, March 28, 2024
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Korea Shipping Company News

08 Mar 2017

HMM, Korea Shipping Company Pact for Sale and Leaseback for Ten Boxships

Hyundai Merchant Marine (HMM) has inked a memorandum of understanding (MoU) with state-backed Korea Shipping Company (KSC) for vessel sales worth up to Won850bn ($739.4m) book value, which will strengthen HMM's financial position. Under the deal, HMM will sell 10 of its container ships to KSC for around Won150bn market value of the vessels, and KSC will finance the outstanding amount by purchasing shares and bonds from HMM. The ship financing company will buy around Won100bn worth of shares and Won600bn in convertible bonds from HMM. HMM will consider leasing back the 10 vessels in the days ahead. (Sales and Lease Back).

27 Oct 2016

Hanjin Containership Set to Dock in Vancouver

A container vessel that spent months sitting off Canada's west coast due to the collapse of a major South Korea shipping company is set to dock in Vancouver on Thursday, port and union officials said. The Hanjin Scarlet, with nearly 800 containers on board, has been sitting some 45 km (28 miles) outside of Prince Rupert for several months, said Peter Lahay, an inspector and coordinator with the International Transport Workers Federation. Emily Hamer, a spokeswoman at the Port of Vancouver, confirmed that the vessel would be arriving at the port. She referred questions about the ship's cargo to terminal operator DP World. Officials there could not immediately be reached for comment.

26 Feb 2015

North Korea Reflags Ships to Evade Sanctions

A North Korea shipping company has been renaming and reflagging its vessels so it can evade an arms embargo, a UN report has said. The effort by Pyongyang-headquartered Ocean Maritime Management Company, Ltd. is detailed in the report by a panel of experts that monitors sanctions on North Korea. The report makes clear the challenge of keeping banned arms and luxury goods from a nuclear-armed country with a history of using front companies to duck detection. North Korea is under United Nations sanctions because of its nuclear tests and missile launches. In addition to arms, Pyongyang is banned from importing and exporting nuclear and missile technology and is not allowed to import luxury goods.