Latest news from Heavy Lift & Project Forwarding International Magazine

Heavy Lift Across the World

HMM takes step in right direction

April 1 - According to reports in the international media, Hyundai Merchant Marine (HMM) is making progress with plans to rescue the South Korean shipping line from bankruptcy.

HLPFI understands that HMM has signed an agreement with Korea Development Bank (KDB) and other creditors, approving its self-rescue measures and the sell-off of its brokerage arm Hyundai Securities.

Reports suggest that HMM's banks plan to establish a debt restructuring plan for the company after a three-month period of due diligence conducted by an external accounting firm - this means that the banks will postpone the repayment of HMM's principal loans and interest.

It is also reported that HMM has made good progress on charter cut negotiations with shipowners. The struggling shipping line has allegedly said that it expects normal operations by the second half of 2016.

However, some analysts are sceptical, with Alphaliner suggesting that HMM's negotiations with shipowners has only led to a reduction agreement from one party.

The struggling shipping line recorded a KRW648.76 billion (USD557.1 million) loss in 2015, compared with a profit of KRW21.8 billion (USD18.9 million) in 2014.

A bankruptcy, if it happened, would be the largest ever container shipping bankruptcy, said Alphaliner.

 

www.hmm21.com

Heavy Lift | News

STA completes Mozyr delivery thumbnail image

STA completes Mozyr delivery

October 10 - STA Logistic has delivered a reactor tip from Italy to the Mozyr oil refinery in Belarus.
Views: 677
Chernobyl NSC wins project management accolade thumbnail image

Chernobyl NSC wins project management accolade

October 9 - As part of its 50th anniversary celebrations, the Project Management Institute has named Chernobyl’s New Safe Confinement (NSC) as one of the 50 most influential projects of the past 50 years.
Views: 986
Tilbury2 ro-ro terminal moves forward thumbnail image

Tilbury2 ro-ro terminal moves forward

October 9 - A floating pontoon that will be used to discharge freight ferry vessels at the Tilbury2 terminal at port of Tilbury, UK has been launched.
Views: 589

Heavy Lift Across The World

Discover heavy lift and project logistics industry news from around the world by region.