South Korea’s Hyundai Merchant Marine (HMM) will split the KRW 600 billion (USD 554 million) it has raised from a rights issue this month in three equal proportions on, new ships, terminals and repaying debts.
The new ships are likely to include a series of 22,000 teu vessels. New container terminal investment are being contemplated domestically, and US, Vietnam and Singapore, industry sources said.
HMM underwent a massive restructuring in 2016 and has since inked a pact with Maersk and MSC, to work on the primary east-west trades.
Sea News, December 21