HMM Acquires Hanjin's 11 Ships
South Korea's Hyundai Merchant Marine Co. (HMM) will take over 11 ships returned by bankrupt Hanjin Shipping Co. to the Korea Development Bank (KDB), reports Business Korea.
Haeyoung Maritime Services Co., a subsidiary of HMM which provides ship management and maintenance services, has managed one container and three bulk carriers returned by Hanjin Shipping to the KDB at the end of last month.
These are Hanjin Shipping’s vessels on bareboat charter hire purchase (BBCHP). The financially ailing company returned them to the KDB as it can no longer afford to make the remaining loan repayments to the bank.
Hanjin Shipping has a total of 11 ships – two containers and nine bulk carriers – on the BBCHP financed by the KDB.
Once HMM takes over and operates all 11 vessels, the number of its ships will increase from 119 – 63 containers and 56 bulk carriers – to 130 – 65 containers and 65 bulk carriers.
