HMM lines up vessel deals with three shipbuilders

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HMM lines up vessel deals with three shipbuilders

Hyundai Merchant Marine (HMM), Korea’s largest shipping company, plans to sign deals with the country’s three major shipbuilders for 20 vessels, the company said Monday.

Hyundai Merchant Marine said it has selected Hyundai Heavy Industries, the world’s largest shipbuilder by sales, to create eight 14,000 twenty-foot equivalent-unit (TEU) container ships. The shipping company also selected Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries for seven and five 23,000 TEU container ships, respectively.

Hyundai Merchant Marine said it would quickly conclude negotiations with the three shipbuilders.

“We expect to sign letters of intent with the three shipbuilders in one or two weeks,” said Woo Byung-sun, a spokesman for Hyundai Merchant Marine.

Hyundai Merchant Marine plans to formally place the orders after the Korea Ocean Business Corporation, a public company handling vessel financing, is set up in July, Woo said.

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