HMM to raise USD614 million for newbuilding orders


Hyundai Merchant Marine announced that it will sell 120 million shares to raise a total of KRW693.6 billion (USD614 million) in two issues of KRW400 billion and KRW293.6 billion respectively.

The South Korean liner operator said in a Korea Exchange filing that the proceeds will provide it with funds to invest in ships and ports.

HMM recently placed firm orders for five VLCCs, with options for another five tankers, with Daewoo Shipbuilding & Marine Engineering. The company also ordered two 11,000 teu container ships from Hanjin Heavy Industries & Construction.




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