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International Cooperation Department
Tel.: (+86-21) 65853850-8034
Fax: (+86-21) 65373125
E-mail: ICDept@sisi-smu.org
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International Shipping |
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| HMM continues to acquire second-hand vessels to expand its fleet |
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Date:2024-08-19 Readers:
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Hyundai Merchant Marine (HMM) is leaving no stone unturned to utilise its profits to expand its fleet, according to media reports. The company has spent $60.5 million on three 19-year-old feeder containerships.
HMM bought the three vessels from two companies - Thailand's Regional Container Lines (RCL) and Norwegian container ship owner MPC Container Ships (MPC), industry sources said.
HMM bought the 2,478-teu AS Paola from MPC and the 2,378-teu Wana Bhum and Xutra Bhum from RCL, the sources said. Bhum’ from RCL. The company is said to have paid $20.5 million for the AS Paola and $20 million each for the other two vessels.
HMM's purchase price for the three feeder containers appears to be at least 23 per cent higher than the market price for such vessels, with VesselsValue showing current values of $15.96 million for the AS Paola, $16.17 million for the Wana Bhum and $16.33 million for the Xutra Bhum.
HMM is working towards a massive expansion by 2030. The company plans to significantly increase its fleet of container ships and bulk carriers to enhance its global competitiveness. Earlier, HMM announced its goal to increase its container capacity from the current 84 vessels of 920,000 teu to 130 vessels of 1.5 million teu, as the growth in the number of container vessels in the fleet will enable it to expand its global service network and routes.
HMM's bulk shipping business, which includes dry cargo ships, tankers, car carriers and heavy lift vessels, plans to increase the number of vessels from 36 with a total deadweight of 6.3 million dwt to 110 with a total deadweight of 12.28 million dwt.
According to VesselsValue, the purchase of the three feeder containerships will bring the total number of second-hand vessels purchased by HMM this year to 12. The company's nine previously owned second-hand vessels include a 6,350 teu super-panamax containership, Hyundai Tacoma (built in 2009), which was purchased from Korea Asset Management Corporation (KAMCO). a number of ultra-handysize and Panamax bulk carriers.
HMM's net profit for the first half of the year rose 88 per cent to KRW1.14 trillion (RMB6 billion), operating profit rose 125 per cent to KRW1 trillion (RMB5.3 billion), and revenues rose 18.6 per cent to nearly KRW5 trillion (RMB26.5 billion).
https://www.cnss.com.cn/html/hyqy/20240819/354365.html
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