HMM shares dropped more than 6 percent during intra-day trading on Tuesday following the Monday announcement by Korea Development Bank (KDB) that it would exercise its conversion rights for the company’s convertible bonds.
Korea said Monday it plans to increase the number of government-supported shipping services to North America starting next month to help local exporters cope with the hike in freight costs.
HMM will reduce its carbon dioxide emissions by 50 percent by 2030 and achieve carbon neutrality by 2050.
HMM projects strong growth will continue through 2023 thanks to sturdy container freight rates.
Ocean freight rates are rising steadily as high demand has led to a shortage of containers and to congested ports.
The HMM Nuri prepares to depart Singapore for Europe on Wednesday with 16,000 twenty-foot equivalent unit (TEU) containers on board. The container ship departed Busan on March 22 and stopped in Shanghai before reaching Singapore.
HMM is extending a program to set aside cargo space for smaller companies.
Korea’s only domestic container shipper serving Europe will continue to go around the Cape of Good Hope despite the possibility that the Suez Canal will be open again soon.
HMM said it plans to deploy two 16,000 twenty-foot equivalent unit (TEU) vessels including Nuri within this month as part of efforts to help domestic companies that have been struggling to export products due to the coronavirus pandemic.