AsiaTankers

HMM willing to sell tanker fleet

The fire sale at beleaguered Hyundai Merchant Marine (HMM) continues with news it is willing to sell its fleet of crude tankers. Saddled by debts of more than $5bn and with urgent repayments upcoming, the Korean line said in a filing to the local stock exchange: “We are considering selling the oil carrier division (composed of five to six oil carrier ships) to secure liquidity and improve financial health. But nothing has been decided yet.”

HMM has already lined up sales of port and dry bulk assets in a bid to keep creditors at bay. HMM’s crude tanker fleet is made up of suezmaxes and VLCCs. It also has seven product carriers. It sold its LNG division in 2014.

 

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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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