South Korean shipping company Hyundai Merchant Marine has confirmed that it has signed a contract for the construction of at least five VLCCs at Daewoo Shipbuilding & Marine Engineering (DSME). The finalized contract follows a Letter of Intent signed by the two parties back in April. The contract calls for the construction of five 300,000 dwt Very Large Crude Carriers … [Read more...]
Hyundai Merchant Marine Says in Talks with BlackRock About Potential Investment
By Joyce Lee SEOUL, Aug 21 (Reuters) - South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) is in talks with BlackRock Inc about a potential investment but details have yet to be discussed, a HMM spokesman said on Monday. BlackRock is in talks with HMM to invest up to 1 trillion won ($880 million) in the nation's largest shipper, the Korea Economic Daily … [Read more...]
South Korean Shipping Lines Form Alliance
South Korea's 14 domestic shipping lines launched a shipping alliance as predicted on Tuesday. The Korean Shipping Partnership (KSP) was announced by the Korea Shipowners’ Association (KSA) with support from South Korea's Ministry of Maritime Affairs and Fisheries. The KSP alliance includes all 14 shipping container carriers in South Korea, including Hyundai Merchant … [Read more...]
Hyundai Merchant Marine to Order Up to Ten VLCCs at DSME
South Korea's Hyundai Merchant Marine (HMM) has singed a letter of intent (LOI) with Daewoo Shipbuilding & Marine Engineering (DSME) for the construction of five 300,000 dwt very large crude carriers (VLCCs) with an option of five more vessels. HMM has formed a ‘newbuilding examination committee’ at the end of last year, and has thoroughly reviewed all the conditions for … [Read more...]
Hyundai Merchant Sees More Losses on Shipping Industry Glut
By Kyunghee Park (Bloomberg) -- Hyundai Merchant Marine Co., South Korea’s biggest sea carrier, said it will post losses through the first half of 2018 as the container-shipping industry attempts to recover from Hanjin Shipping Co.’s bankruptcy and years of excess capacity. As a hedge against adverse conditions plaguing shipping, Hyundai Merchant has initiated talks … [Read more...]
Hyundai Merchant Marine Forms Intra-Asia Shipping Alliance
South Korean shipping company Hyundai Merchant Marine has signed an agreement with smaller Asia-only carriers Heung-A Shipping and Sinokor Merchant Marine to form a niche shipping alliance targeting intra-Asia trade. The new alliance, called HMM + K2, is planned to begin operations in March 2017 and will automatically renew every two years. The network will cover Japan, … [Read more...]
Shippers Kick Back at 2M Alliance Plans to Put Cargo on HMM Ships
By Mike Wackett (The Loadstar) - News that their cargo may be loaded onto Hyundai Merchant Marine (HMM) vessels has angered customers of the 2M Alliance. Shippers expressed concern after the announcement of a strategic cooperation agreement to commence in April, with 2M partners Maersk and MSC taking over charter and operation of a number of the South Korean carrier’s … [Read more...]