Zodiac orders five 11,000 teu ships to go on charter to HMM

Zodiac Maritime has ordered five 11,000 teu ships for delivery in 2019. The scrubber-fitted vessels will go on time charter to South Korea’s Hyundai Merchant Marine (HMM) when they deliver, according to Allied Shipbroking. The ships are believed to be costing $90m each.

Zodiac Maritime, controlled by Eyal Ofer, was one of a number of foreign shipowners, who agreed to slash charter rates for ships HMM had taken as the Korean carrier fought for its survival last year. In the end HMM was able to reach a mutually acceptable restructuring plan, unlike its fellow Korean carrier, Hanjin Shipping, which became the most high profile casualty in shipping this century.

Since securing its future, HMM has set about reestablishing itself outlining plans to order new ships, take more in on charter as well as buying more terminals around the world.

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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