HMM of South Korea to Sell LNG Business
Hyundai Merchant Marine (HMM) of South Korea aims to sell its LNG carrier business to IMM Investment Corp for 1.1 trillion won (US $1.03 billion).
Selling the LNG business is part of parent Hyundai Group’s plan to raise support funds to pay off debt and HMM expects to complete the deal in the first half of this year, Reuters informs.
HMM’s LNG carrier service was launched in 1994 with Korea’s first LNG vessel – the ‘Hyundai Utopia’ to execute a 20-year contract with the Korea Gas Corporation (KOGAS).
The company now operates eight LNG vessels transporting KOGAS cargoes from around the world to South Korea.
LNG World News Staff, February 12, 2014; Image: HMM