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HMM, Korea Shipping & Maritime Transportation finalise 10-boxship sale-leaseback deal

South Korea’s Hyundai Merchant Marine (HMM) announced late on Tuesday that it has finalised a KRW850bn ($758.4m) sale-and-leaseback deal involving 10 containerships with Korea Shipping & Offshore.

The finalisation of the deal followed the signing of a memorandum of understanding back in March between HMM and state-backed Korea Shipping & Offshore, a special purpose company established to support the financial restructuring of Korean shipping firms.

HMM said the disposal value of the 10 containerships to Korea Shipping & Offshore is KRW150bn, and the latter is financing the KRW700bn outstanding amount under the KRW850bn deal by purchasing bonds worth KRW600bn and shares worth KRW100bn from HMM.

The scheduled disposal date for the 10 ships is set on 30 May, according to the regulatory filing to the stock exchange by HMM.

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