HMM CEO to Step Down
Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM) has decided to resign from his position next month.Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround.
Diana Containerships TC Contract for m/v Pamina with HMM
Diana Containerships announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina.The global shipping company specializing in the ownership of containerships said that the gross charter rate is US$11,950 per day, minus a 5% commission paid to third parties, for a period of minimum eight months to maximum 12 months.The charter will commence on August 24, 2018.
Diana Containerships Announces Time Charter
Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina. The Pamina is a 5,042 TEU container vessel built in 2005.The gross charter rate is $11,950 per day, minus a 5 percent commission paid to third parties, for a period of minimum eight months to maximum twelve months. The charter will commence on August 24…
Hyundai Merchant Marine, BlackRock in Investment Talks
South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) is in talks with BlackRock Inc about a potential investment but details have yet to be discussed, a HMM spokesman said on Monday. BlackRock is in talks with HMM to invest up to 1 trillion won ($880 million) in the nation's largest shipper, the Korea Economic Daily reported on Monday, citing unidentified investment banking and shipping industry sources. A BlackRock spokeswoman could not be immediately reached for comment. HMM shares were up 1.2 percent in morning trade, compared to a 0.2 percent fall for the wider market.
Hyundai Merchant Marine Ties Up with 2M Alliance
Heavily indebted South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship that falls short of full-fledged membership. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between Hyundai Merchant Marine and its creditors in May, and the company said on Sunday that the tie-up with 2M met that criteria. Its main creditor, the state-backed Korea Development Bank…
Hyundai Merchant Marine to Join 2M Alliance
South Korean shipper Hyundai Merchant Marine Co Ltd said on Thursday that it had signed a preliminary deal to join a 2M vessel-sharing alliance of Maersk Line and Mediterranean Shipping Co (MSC), the world's two largest container shippers. The deal with the "2M carriers," which would take effect in April 2017, would enable the South Korean firm to strengthen its service offering and achieve improved cost competitiveness, the company said in a statement. "The 2M carriers will benefit from a reinforced service competency in Asia and improved network cover in the trans-pacific area…
Hanjin Shipping Opts for Debt Restructuring
South Korea’s Hanjin Shipping Co. Ltd will work with lenders to restructure debt after years of weak demand resulted in losses and cash erosion, reports Bloomberg. The board of Hanjin Shipping decided to file for receivership and give creditors authority to manage the company, bowing to calls from the government and its main creditor Korea Development Bank (KDB) which asked Cho to accept heavy restructuring of the company. "Board directors of Hanjin Shipping decided to give up their management control for debt restructuring," said a KDB spokesman.
Capital Product Partners Declare Cash Distribution
Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended December 31, 2015. The fourth quarter common unit cash distribution will be paid on February 12, 2016, to unit holders of record on February 5, 2016. All vessels of Capital Product Partners are under period charters to BP Shipping Limited, Cargill International S.A., CMA-CGM S.A., Cosco Bulk Carrier Co.
RFAI Key to Monitoring West Coast Agreement - FMC
Following is the statement of FMC Commissioner William P. We do not take our hands off the wheel just because an agreement is allowed to go into effect without the Commission taking any further action to delay the implementation of the agreement. FMC staff has requested certain information from the parties to the Pacific Ports Operational Improvements Agreement (PPOIA). To date, the response by the PPOIA parties has been incomplete. As a Commissioner I am interested in information…
Port of L.A. Recognizes Green Initiatives
The Port of Los Angeles honored 26 shipping and cruise lines for their participation in the Port’s Vessel Speed Reduction Program (VSRP), an initiative that involves the lowering of vessel speeds when ships approach the Port. The VSRP has resulted in significant decreases in diesel particulate matter, sulfur oxide and nitrogen oxide emissions into the environment since it was established in 2001. For the first time, the Port also honored 12 ship carriers for their participation in the Environmental Ship Index (ESI)…
MOL: New Containerships to Upgrade Service
Mitsui O.S.K. Lines, Ltd. announced an upgrade to its Asia-East Coast South America Service (CSW). From July 2011 through 2012, MOL will launch a total of 10 new 5,600 TEU containerships which will replace its currently-operated vessels on the CSW. The newbuilding ships will adopt a new wide-beam and shallow-draft design, featuring high loading capacity and compatibility with shallow-draft ports in South America. Moreover, effective July 2011, MOL will assign an additional ship to CSW with a total of 13 ships, which allows sufficient time to revise the existing schedule.