Latest news from Heavy Lift & Project Forwarding International Magazine

HMM struggles to stay afloat

February 2 - According to reports in the international media, Hyundai Merchant Marine (HMM) is resurrecting an asset sale plan in an effort to avoid bankruptcy as it struggles under a KRW7 trillion (USD5.8 billion) debt.

Reports suggest HMM will go ahead with the sale of Hyundai Securities, and dispose of its stakes in port facilities and other assets, in an attempt to raise cash and repay its maturing dept.

An article in the Korea Times states that Hyundai Group is desperate to revive HMM and has pledged to do everything it can to raise cash in order to boost the shipping company's deteriorating bottom line.

It is reported that the group is asking the Korean Development Bank (KDB) and other creditors to extend HMM's loans and inject fresh capital into the shipping company.

Hyundai Group chairwoman Hyun Jeong-eun has also allegedly vowed to donate her own personal funds to HMM.

Reports also suggest that the shipping line has selected Port of Singapore Authority (PSA) as the preferred bidder to dispose of its majority stake in the Busan New Port; while HMM is still trying to sell is bulk carrier business to Hahn & Company.

Heavy Lift | News

Port of Açu names José Firmo as CEO thumbnail image

Port of Açu names José Firmo as CEO

September 16 - The port of Açu – a privately owned industrial complex in São João da Barra, Brazil – has appointed José Firmo as its ceo, effective November 1.
Views: 180
MIS moves engine across Oman thumbnail image

MIS moves engine across Oman

September 13 - Muscat International Shipping & Logistics (MIS) has transported a 140-ton (127-tonne) Wärtsilä engine from a power station in Khasab to Duqm, Oman.
Views: 564
XLP gathers in Dubai thumbnail image

XLP gathers in Dubai

September 13 - Almost 160 delegates from around the world gathered in Dubai last week for the XLProjects (XLP) annual general meeting (AGM).
Views: 434

Heavy Lift Across The World

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