HMM Selling Its Bulk Shipping Business

South Korean Hyundai Merchant Marine (HMM) is reported to be in talks with Taiwanese securities house Yuanta on the sale of the shipping company’s bulk shipping division.

The contract is estimated to be worth up to 350 billion Korean won (USD 315 million), according to the Seoul Economic Daily.

HMM has a fleet of 13 bulkers and expects to take delivery of eight more units until 2017.

The decision comes as South Korean shipping company endeavors to cut losses by selling assets to raise capital.

These included selling a shipping terminal in Busan, liquidation of its container terminals in the U.S. and LNG transport business in February last year among others.

World Maritime News Staff