HMM Pondering Tanker Sale

South Korean shipping company Hyundai Merchant Marine (HMM) is reportedly considering sale of its oil tanker fleet as it grapples with financial difficulties.

The sale would be carried out within the bulk carrier division, as disclosed by the Business Korea, and it would include offloading over dozen vessels, 14 based on the company’s website information, those being Very Large Crude Carrier (VLCC), Suezmax tankers and seven petrochemical product carriers.

As informed, the step would be taken as a backup measure should the sale of the bulk division and the company’s Hyundai Securities be delayed.

In January this year, HMM said that it was in talks to sell its dry bulk shipping business to a compatriot private equity firm Hahn & Company, eyeing USD 497 million (KRW 600 billion).

The sale follows the company’s liquidation of a shipping terminal in Busan, container terminals in the U.S. and LNG transport business in 2014.

What is more, efforts aimed at bailing out HMM from financial troubles included the company’s Chairwoman Hyun Jeong-eun donate her own money, spending KRW 30 billion (USD 24.4 million) to acquire 4 million shares in the company’s new stock issue.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Oct 2019 >>
MTWTFSS
30 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

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CEDA Dredging Days 2019

CEDA Dredging Days programme will follow its successful format of contributed peer-reviewed…

read more >

Offshore Wind Europe 2019

#OWEU19 is a meeting place for governments, developers and suppliers to grow the confidence in wind power. Perfect to grow your business by securing new customers, meeting officials and industry heads.

read more >

6th Mozambique Gas Summit & Exhibit

This year’s edition will have a revamped programme for attendees.

read more >