HMM Eyes USD 614 Mn from Share Sale

HMM Twitter Hyundai Merchant Marine (HMM) is targeting to raise KRW 693.6 billion (USD 614 million) from a sale of shares, the company said in a regulatory filing on Friday. The sale would be split in two, an offering of KRW 400 billion and KRW 293.6 billion. The company plans to invest the proceeds from the sale into new ships and terminals, the filing reads. The move comes on the back of HMMs investment in fleet modernization from last month. Namely, HMM said it would acquire two large container vessels from Hanjin Heavy Industries and Construction based in the Philippines. The price tag for the boxship pair totals USD 162 million. The company said that the two vessels are scheduled for delivery in May 2018 and are expected to be deployed on East Coast South America trade. HMM  also decided to build five 300,000 DWT very large crude carriers (VLCC) at Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more. The investment is worth USD 418.9 million. The VLCCs are set for sequential delivery in the first half of 2019. World Maritime News Staff