AsiaContainersDry Cargo
HMM granted extra time to get its finances in order
Struggling Hyundai Merchant Marine (HMM) has been handed another month’s breathing space by creditors to get its financial footing safely in place. The new deadline is the end of July.
HMM is in negotiations with Maersk and MSC to join the 2M container alliance having earlier been barred from entering the six-member new grouping called THE Alliance.
Earlier this month the Korean line revealed it had succeeded in negotiating with its tonnage providers for a 20% reduction in the charter fees it pays, while it has worked out deals to keep bondholders happy for the time being.