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HMM disputes $10bn expansion reports

HMM disputes $10bn expansion reports
Hyundai Merchant Marine officials are disputing local media reports that the line is tapping state backed Korea Development Bank (KDB) for KRW9.9trn ($8.9bn) in funds in a bid to expand the company to become the eighth largest containerline in the world.

HMM's plans through to 2022 include spending $5bn on new large boxships, $5bn on new large boxships, $2.9bn on containers, and $900m on buying more overseas terminals, according to numerous media outlets in Seoul.

However, HMM officials have distanced themselves from these exact figures.

''HMM has reviewed and discussed various ways with industry experts to grow further as a global carrier. However, there has been no internal decision about the exact amount on the investment needed for mid and long term investment including acquiring new vessels, new containers and HMM has not made any request to KDB,'' a spokesperson for HMM told today.

HMM went through a massive restructuring last year, staving off bankruptcy unlike its peer, Hanjin Shipping. Its fleet of 344,681 slots today makes it the 15th largest containerline in the world. It has signed up to become a partner to Maersk and MSC's 2M vessel sharing agreement.

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