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, VesselsValue.com.
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.
