THE Korea Maritime Corporation and
Hyundai Merchant Marine (HMM) will pay KRW3 trillion (US$2.77 billion)
for 20 ships, including nine 20,000-TEU vessels and eleven 13,000-TEUers
The news came on the heels of the
"Bill on the Establishment of the Korea Maritime Corporation (KMC)"
that was passed on December 20 and now paves the way for South Korean
flag-carrier Hyundai Merchant Marine (HMM) to grow without state impediment.
The Ministry of Oceans and Fisheries (MOF) announced on December 21 that it will form a
seven-member establishment committee to be led by vice minister according to
the corporation act as soon as possible to establish the KMC by the end of July
when the bill is adopted into law.
Bankrupt Hanjin Shipping, the
previous flag carrier, went downhill against rival Maersk Line and MSC
with their unit cost-reducing mega ships in aftermath of the global downturn,
reported KoreaBusiness.
In response, Japan will merge the
container operations of its three big shipping companies - MOL, NYK and "K" Line
next year as China has already merged Cosco with China Shipping and will
soon take over Hong Kong's OOCL.
Similar moves were made by Germany's
Hapag-Lloyd with its take-over of the United Arab Shipping Company,
having already taken over the container business of Chile's CSAV well before
French shipping giant CMA CGM bought Singapore's APL and Maersk
bought Germany's Hamburg Sud.
While awaiting delivery of
newbuildings, HMM has reached an agreement to lower charter costs for three
years and six months with shipowners around the world on condition of the
pursuit of its self-rescue plan in June last year, said the KoreaBusiness
report.
Source : HKSG.
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