Korea Shipping to Buy Up to 10 HMM Vessels
The state-backed ship financing company Korea Shipping is looking to buy up to ten container vessels operated by Hyundai Merchant Marine (HMM), and lease them back to the shipping firm, says a report in Yonhap.
Korea Shipping will provide some 720 billion won (USD 633.7 million) to Hyundai Merchant this month or next month,” the report quoted Sohn Byung-doo, MANA correspondent reported.
Korea Shipping Co. was established this month with an initial capital of 1 trillion won (US$878 million) to help local shipping lines buy new vessels.
Separately, Hyundai Merchant will deliver orders for five container vessels and two or three oil tankers later this year to the company.