AsiaDry Cargo

HMM negotiates dry bulk fleet sale with Taiwanese securities house

Seoul: The Seoul Economic Daily reports that Hyundai Merchant Marine (HMM) has entered negotiations with Taiwan securities house Yuanta to sell its dry bulk division for $315m.

HMM has had other firms inspect its bulkers including SK Shipping, but Yuanta is now viewed as the favourite to take over the ships. HMM has been selling off parts of its shipping empire in the past 12 months to get back on an even financial keel.

On HMM’s dry bulk books are 12 ships with an average age six years ranging in size from handymax to newcastlemax plus nine newbuildings for delivery in 2016 and 2017. The bulk division totals 3.09m dwt, according to online pricing platform,

The dry bulk sale would leave HMM with its bedrock container division of 25 ships and eight crude and product tankers, having sold off its LNG division recently.

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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