HMM details new share plan

HMM details new share plan

South Korea’s Hyundai Merchant Marine (HMM) detailed plans on Friday to raise KRW693.6bn ($614m) for two share sales. Cash raised will go on new ships and terminals, HMM said in a release.

HMM last month revealed it had bought a pair of Hanjin Heavy large boxship resales for $162m, as well as inking orders at Daewoo Shipbuilding & Marine Engineering (DSME) for five firm plus five option VLCCs. The five firm orders are costing $419m.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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