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Zodiac orders five 11.000 teu ships to go on charter to HMM

Zodiac orders five 11.000 teu ships to go on charter to HMM
Zodiac Maritime has ordered five 11.000 teu ships for delivery in 2019.

The scrubber-fitted vessels will go on time charter to South Korea's Hyundai Merchant Marine (HMM)  when they deliver, according to Allied Shipbroking. The ships are believed to be costing $90m each.

Zodiac Maritime, controlled by Eyal Ofer, was one of a number of foreign shipowners, who agreed to slash charter rates for ships HMM had taken as the Korean carrier fought for its survival last year. In the end HMM  was able to reach a mutually acceptable restructuring plan, unlike its fellow Korean carrier, Hanjin Shipping, which became the most high profile casualty in shipping this century.

Since securing its future, HMM has set about reestablishing itself outlining plans to order new ships, take more in on charter as well as buying more terminals around the world.

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