News Content
Hanjin Shipping, HMM to raise exposure to container shipping market
SOUTH Korea's Hanjin Shipping and Hyundai Merchant Marine (HMM) are to divest their non-liner shipping assets and are raising their exposure to the container shipping market at a time of severe competition, overcapacity and weak freight rates in the industry.
Hanjin Shipping said in a Korea Exchange filing that, as part of a financial restructuring plan, the company may sell its remaining 22.2 per cent stake in H-Line Shipping, which owns Hanjin's dry bulk and LNG shipping businesses.
The sale of its remaining stake would end Hanjin's links to LNG and dry bulk shipping, as the carrier seeks additional cash after failing to sell its container terminal in Algeciras, Spain.
Hanjin is also considering a sale of its 50 per cent stake in the Busan New Port Terminal, reported Alphaliner.
HMM also announced in a Korea Exchange filing earlier this month that its dedicated dry bulk shipping businesses and HMM America, which owns two HMM-operated container terminals Los Angeles (California United Terminal) and Tacoma (Washington United Terminal), have been amalgamated under Hyundai Bulk Line, a new entity that HMM created in September.
HMM and Hyundai Bulk Line will then issue "Hybrid Convertible Bonds," in a bid to boost the group's liquidity.
Hanjin Shipping said in a Korea Exchange filing that, as part of a financial restructuring plan, the company may sell its remaining 22.2 per cent stake in H-Line Shipping, which owns Hanjin's dry bulk and LNG shipping businesses.
The sale of its remaining stake would end Hanjin's links to LNG and dry bulk shipping, as the carrier seeks additional cash after failing to sell its container terminal in Algeciras, Spain.
Hanjin is also considering a sale of its 50 per cent stake in the Busan New Port Terminal, reported Alphaliner.
HMM also announced in a Korea Exchange filing earlier this month that its dedicated dry bulk shipping businesses and HMM America, which owns two HMM-operated container terminals Los Angeles (California United Terminal) and Tacoma (Washington United Terminal), have been amalgamated under Hyundai Bulk Line, a new entity that HMM created in September.
HMM and Hyundai Bulk Line will then issue "Hybrid Convertible Bonds," in a bid to boost the group's liquidity.
Latest News
- For the first time, tianjin Port realized the whole process of dock operati...
- From January to August, piracy incidents in Asia increased by 38%!The situa...
- Quasi-conference TSA closes as role redundant in mega merger world
- Singapore says TPP, born again as CPTPP, is now headed for adoption
- Antwerp posts 5th record year with boxes up 4.3pc to 10 million TEU
- Savannah lifts record 4 million TEU in '17 as it deepens port
