THE Korea Development Bank (KDB) will
sell HMM (Hyundai Merchant Marine) to POSCO, a
steel-making company headquartered in Pohan as part of a plan to privatise HMM,
now ranked as the world's 10th largest ocean carrier, reports BusinessKorea.
"KDB recently reported an HMM privatisation plan to
the Ministry of Strategy and Finance," a high-ranking
government official said. "The ministry will start a full-fledged review
with other ministries and agencies." KDB is the largest shareholder with a
12.61 per cent stake in HMM.
If POSCO takes over HMM, it will significantly boost the
global competitiveness of the domestic shipping industry, analysts say. They
say that a massive investment from POSCO will place HMM on a par with first and
second ranked Maersk and MSC.
HMM's tonnage will increase to about 850,000 TEU when all
eight 16,000-TEU ships under construction by Hyundai Heavy Industries are
delivered in the first half of 2021. HMM aims to attain its goal of one million
TEU by 2022. If this plan is implemented without a hitch, it will recover to
one million TEU, which is the combined tonnage of Hanjin Shipping and HMM in
2016.
If POSCO directly jumps into the shipping industry, it is
expected to save POSCO trillions of won annually as the company will be able to
integrate its affiliates' logistics work..
The global shipping industry is competing for size
expansion. Since the fourth quarter of 2020, shipbuilders received orders for
30 super-sized, 20,000+ TEU ships worldwide.
Source : HKSG / Photo : Offshore Energy.
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