HMM Concludes Successful Financial Restructuring
Hyundai Merchant Marine Co., (HMM) one of South Korea’s biggest shipping lines, has established a solid foundation to guarantee normalized operations for the future.
CEO Paik Hoon Lee said in a statement the company has concluded its financial restructuring plan.
Key elements of the new plan include:
The sale of non-core assets that will assure adequate working capital to sustain uninterrupted operations.
The re-negotiation of more favorable long term vessel charter rates to improve our cost effectiveness.
The inclusion of HMM in the 2M Alliance which will position us for long-term service, cost and operational competitiveness.
The 2M Alliance controls about one-third of the Asia-Europe trade route, the world’s most lucrative, and includes Maersk Line and Mediterranean Shipping Co.
In addition, the state-run Korean Development Bank (KDB) has become the company’s largest shareholder.
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