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.