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HMM confirms $1bn LNG sell-off

HMM confirms $1bn LNG sell-off
Cash-strapped Hyundai Merchant Marine (HMM) will sell its LNG fleet to a Korean investment firm for KRW1.1tn ($1bn).

HMM owns a fleet of seven LNG carriers with a total capacity of 951,710 cu m and average age of 14 years, as well as a partial stake in two other LNG ships.

The sale comes as the shipowner continues to battle ongoing financial problems. Last month HMM announced it was looking to sell its stake in Shinhan Finances to unlock what was then a $86.7m value of its shares.

The buyer of the LNG fleet, IMM Investment Corp, is a Korean investment group with a diverse portfolio from defense to wiper blades and pharmaceuticals.

"[This] is our best option to restore market confidence, and we will concentrate our efforts to improve competitiveness in containers and bulk carriers going forward," HMM said in a statement.

The company expects the deal to be completed in the first half of 2014.

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