• ITVI.USA
    15,379.620
    -113.610
    -0.7%
  • OTLT.USA
    2.786
    -0.021
    -0.7%
  • OTRI.USA
    21.500
    -0.060
    -0.3%
  • OTVI.USA
    15,349.750
    -127.770
    -0.8%
  • TSTOPVRPM.ATLPHL
    3.300
    -0.240
    -6.8%
  • TSTOPVRPM.CHIATL
    2.950
    -0.020
    -0.7%
  • TSTOPVRPM.DALLAX
    1.440
    0.000
    0%
  • TSTOPVRPM.LAXDAL
    3.310
    0.060
    1.8%
  • TSTOPVRPM.PHLCHI
    2.150
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    3.950
    -0.100
    -2.5%
  • WAIT.USA
    126.000
    1.000
    0.8%
  • ITVI.USA
    15,379.620
    -113.610
    -0.7%
  • OTLT.USA
    2.786
    -0.021
    -0.7%
  • OTRI.USA
    21.500
    -0.060
    -0.3%
  • OTVI.USA
    15,349.750
    -127.770
    -0.8%
  • TSTOPVRPM.ATLPHL
    3.300
    -0.240
    -6.8%
  • TSTOPVRPM.CHIATL
    2.950
    -0.020
    -0.7%
  • TSTOPVRPM.DALLAX
    1.440
    0.000
    0%
  • TSTOPVRPM.LAXDAL
    3.310
    0.060
    1.8%
  • TSTOPVRPM.PHLCHI
    2.150
    0.020
    0.9%
  • TSTOPVRPM.LAXSEA
    3.950
    -0.100
    -2.5%
  • WAIT.USA
    126.000
    1.000
    0.8%
American Shipper

HMM denies reports of $9b growth funding request

Media reports earlier this week said that South Korea’s Hyundai Merchant Marine, the world’s 15th largest container line in terms of vessel capacity, is asking for $8.9 billion in funding from state backed Korea Development Bank through 2022.

   Recent reports that South Korean ocean carrier Hyundai Merchant Marine (HMM) is asking for almost $9 billion in funding over the next five years to expand and grow the company into a top 10 container line simply aren’t accurate, the company said this week.
   The rejoinder came in response to a Business Korea article earlier this week reporting that HMM, the world’s 15th largest container line in terms of vessel capacity, is asking for $8.9 billion in funding from state backed Korea Development Bank through 2022 in order to grow into the eighth-largest container line.
   According to Business Korea, $5 billion of the cash infusion would be spent on large new boxships, while about $3 billion would be dedicated to buying containers and $900,000 would be earmarked for the takeover of overseas container terminals.
   But in comments to industry publication Splash 24/7, an HMM representative threw cold water on the report, saying that although HMM has reviewed and discussed various ways with industry experts to grow further as a global carrier, the $8.9 million figure is false.
   “There has been no internal decision on the exact amount on the investment needed for mid- and long-term investment including acquiring new vessels, new containerships and HMM has not made any request to KDB,” a company spokesperson who wasn’t identified by name, is said to have told Splash on July 27.
   HMM, based in Seoul, South Korea, posted a $749 million operating loss in 2016 and is projected to lose about $360 million this year. In May, it reported an operating loss of $117 million for the first quarter of 2017.

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