HMM granted extra time to get its finances in order

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.

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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