Initiatives of the South Korean government in order to assure that continuous HMM to being a total marine company



The South Korean government, probably being worried that the cessation of the activity of the company of Hanjin Shipping navigation that to september is placed in controlled administration can by sea have an impact negative on the commercial exchanges with foreign country carried out, has manifested desire that Hyundai Merchant Marine (HMM), the other main national marine company that work services of line on the main world-wide routes, increases own role of total carrier.

The South Korean minister for the Oceans and fishing, Kim Young - suk, has convened today to the Busan International Finance Center di Busan a reunion centralized on the support financial to the national industry marine to which representatives of the South Korean marine-financial cluster will participate, between which those of Marine Finance Center (MFC), the hub financial for the marine field to which the divisions are under responsibility financial institutions of Korea Development Bank (KDB), the Export-import Bank of Korea (KEXIM) and of the Korea Trade Insurance Corporation (K-surahs), and the representatives of the Korea Asset Management Corporation (KAMCO) and of the Korea Maritime Guarantee Insurance Co. (KMGIC). For the occasion the minister has announced to have asked Hyundai Merchant Marine to work with the government to the aim to promote HMM to light which total marine operator also of the cooperation agreement that in recent days the South Korean company has tightened with Maersk Line and Mediterranean Shipping Company (MSC), companies world leaders of the segment of the containerized marine transport ( on 12 December 2016).

"It is a moment - it has emphasized to such purpose the director of the office for the Shipping and the logistics of the ministry, Park Kyeong-Cheol - in which the cooperation with the political institutions and financial institutions is more urgent that never in order to exceed the crisis of the marine industry and for its I throw again".

While Hyundai Merchant Marine has introduced an in the mid term plan in order to promote own competitiveness which total operator, elevating own market share from current 2.2% to 5% within 2021, that it previews a series of measures to put into effect in the next quinquennium, period in the course of which - second the South Korean company - world-wide the marine market will continue to mainly cross a phase of determined crisis from the offer excess.

Excess of offer that the company evidently does not consider must limit own program of potenziamento of the fleet since in the mid term plan of HMM includes a program of new constructions of the value of 2,4 billion dollars for the new realization portacontainer, in particular of ships of large-capacity to order itself in the course of 2017, but also of tankers and, in minor measure, of rinfusiere.

The plan previews that the competitiveness of the HMM, marked from the slogan "Focused Ocean Carrier", it is centralized on the Asia-Americas market, that is that the company is competitive in a specific market.

The plan includes also investments for the acquisition of harbour terminals, between which 300 billion won (256 million dollars) in the course of 2017 and until about 1.000 billion a won within the 2020. company have remembered of being selected which preferential offerer for the acquisition of Total Terminal International Algeciras, society that manages a container terminal in the Spanish port of Algeciras ( on 25 November 2016), acquisition that - it has specified HMM - could be capacity to term in the course of this month or the next January.

The plan of HMM, introduced monday, previews also the acquisition, in consortium with the group Mediterranean Shipping Company, of the control of the terminalista society Total Terminals International (TTI) that it manages a container terminal in the American port of Long Beach ( on 1° December 2016). According to HMM, the decision on the cession of the quota TTI stopped from Hanjin Shipping it could be been profitable note in the course of this month.

According to "Wall Street Journal", however, Hyundai Merchant Marine would have melted the consortium with MSC in order to acquire the participation in the American TTI. In the edition yesterday, the American daily paper financial has specified that HMM would have intention more rather than to acquire a quota minority in TTI, operation that the South Korean company would prefer to put into effect independently introducing an own offer and successively acquiring an ulterior quota from MSC, that it possesses already 46% of the capital of TTI and with which HMM would have tightened a specific agreement.