2M Unites with HMM
Hyundai Merchant Marine (HMM) has signed a strategic cooperation agreement with the 2M Alliance in San Francisco, USA.
The deal, a slot exchange and purchase agreement, and is known as the 2M+H Strategic Cooperation.
Prior to the signing, HMM CEO Yoo Chang-keun went on a business trip to the US to meet with major ship-owners as restructuring had begun in the global shipping market.
HMM said on March 15, 2017, that HMM CEO Yoo will meet with CEOs of 2M Alliance members, Maersk Line and Mediterranean Shipping Co.(MSC), in San Francisco on March 15 at 08:00 A.M. local time in order to sign the agreement.
Recently HMM signed a memorandum of understanding with a state-run shipbuilding financing firm to sell part of its fleet to receive fresh funding and improve its financial status.
Under the deal, Hyundai Merchant will sell ten container ships at market value of US$131 million to Korea Shipping against a book value of $739 million, which will be financed with sales of bonds and stocks to the financing firm.
The container ships may be leased back to HMM as part of the agreement.