Financially-shaken HMM to sell tanker fleet

Sources cited by Business Korea said HMM’s tanker shipping business sale includes 13 ships comprising of four VLCCs, two suezmaxes and seven petrochemical product carriers, related ship chartering contracts and seven employees.

The tanker shipping business is considered lucrative amid the current bouyant market, making its attractive to potential buyers.

HMM’s latest decision to sell the tanker business is seen as an additional measure to stabilise its finances in case of delays to the sale of its dry bulk fleet, a container terminal and some other assets. It has disposed of its LNG carrier business for a price of $1bn in early 2014.

Reports said HMM has signed a contract last month to sell its bulk carrier business to H-Line Shipping for approximately $98m, plus $342m of debts.

The shipowner is now trying to focus on the container shipping business.