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HMM to raise US$620m to finance ship, terminal acquisitions
HYUNDAI Merchant Marine (HMM), South Korea's largest container shipping line, plans to issue rights to raise KRW693.6 billion (US$620 million) from the offer of 120 million shares, which will be used to acquire ships and stakes in shipping terminals in North America and elsewhere.
"It is necessary to raise capital to purchase more large containerships and acquire stakes in shipping terminals around the world," an HMM official said in a report from the Korea Times, according to American Shipper. "We will continue to work hard to enhance our core competence and cut costs to provide exporters and importers with optimal shipping solutions at affordable prices."
HMM is set to purchase two 11,000-TEU containerships from Hanjin Heavy Industries & Construction in May 2018 for a combined cost of KRW182 billion. The vessels are likely to be deployed on the east coast of South America trade.
In April, HMM signed a letter of intent with Daewoo Shipbuilding & Marine Engineering for the construction of five very large crude carriers (VLCCs) with an option for five more. The ships are scheduled for delivery in the first half of 2019.
During a board of directors meeting at the end of August, HMM finalised its plan to invest KRW470 billion in new facilities for the construction of the VLCCs, and the plan will be financed through the New Shipbuilding Programme.
"It is necessary to raise capital to purchase more large containerships and acquire stakes in shipping terminals around the world," an HMM official said in a report from the Korea Times, according to American Shipper. "We will continue to work hard to enhance our core competence and cut costs to provide exporters and importers with optimal shipping solutions at affordable prices."
HMM is set to purchase two 11,000-TEU containerships from Hanjin Heavy Industries & Construction in May 2018 for a combined cost of KRW182 billion. The vessels are likely to be deployed on the east coast of South America trade.
In April, HMM signed a letter of intent with Daewoo Shipbuilding & Marine Engineering for the construction of five very large crude carriers (VLCCs) with an option for five more. The ships are scheduled for delivery in the first half of 2019.
During a board of directors meeting at the end of August, HMM finalised its plan to invest KRW470 billion in new facilities for the construction of the VLCCs, and the plan will be financed through the New Shipbuilding Programme.
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