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.

 

 

www.hmm21.com

Heavy Lift | News

Still time to enter ESTA Awards  thumbnail image

Still time to enter ESTA Awards 

January 17 - The deadline to enter the 2020 ESTA Awards of Excellence, which will be held on the evening of April 23 at the Postillion Hotel Amsterdam in the Netherlands, has been extended to January 25, 2020. 
Views: 445
Wijnne Barends opts for LNG newbuilds  thumbnail image

Wijnne Barends opts for LNG newbuilds 

January 17 - Wijnne Barends, based in the Netherlands, has placed an order with China’s WuHu Shipyard for four shortsea cargo ships featuring LNG propulsion and battery storage systems.
Views: 647
Bati handles yacht move  thumbnail image

Bati handles yacht move 

January 17 - Bati Group has coordinated the transport of a yacht from Turkey to Greece. 
Views: 607
Methanex hat trick for Mammoet thumbnail image

Methanex hat trick for Mammoet

January 17 - Methanex has awarded the levee crossing and heavy haul scope of work for the construction of its Geismar 3 methanol plant in Louisiana, USA to Mammoet.
Views: 591

Heavy Lift Across The World

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