South Korea: DNB Approves Debt Facility to Hyundai Merchant Marine for Five New Container Vessels

Hyundai Merchant Marine closed on a $500 million debt facility on Tuesday from a syndicate of financial institutions led by DNB Bank.

In order to fund the construction of five ultra-large container vessels being built at Daewoo Shipbuilding & Marine Engineering and planned to be delivered throughout 2014, HMM will utilize the loan from the Dutch bank.

The mega-ships will be deployed on the Asia-Europe trade route.

There are other financial institutions involved in this transaction such as ABN AMRO, Credit Agricole, Korea Finance Corporation and The Korea Development Bank.

European ship finance banks used to finance 70 percent of new ship orders before many loans were put into default due to the Great Recession. Currently, it is difficult for carriers to hope for a financial support.

Shipbuilding Tribune Staff, December 14, 2011;

 

Share this article

Follow World Maritime News

Posted on December 14, 2011

In Depth>

Events>

<< Aug 2016 >>
MTWTFSS
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4

SEATRADE CRUISE MED 2016

The conference is a leading platform for discussion and debate on issues confronting the cruise industry in the Mediterranean and its adjoining seas…

read more >

SMM 2016

SMM Hamburg 2016 is the leading international forum of the maritime industry.SMM offers the unique chance for exhibitors and trade visitors…

read more >

5th Annual Salvage & Wreck Asia Conference

Hear industry leaders debate:
• Combating piracy in South Asia
• Preparing for industry growth in the cruise ship sector…

read more >

Global Liner Shipping Asia Conference

Alliances analysed – will changes have a positive or negative impact on the industry?
Lloyd’s List/Containerisation International Business Briefing…

read more >