HMM, South Korea’s flagship provider, has made a bid to reenter the gasoline trades, tabling KWX300bn ($233m) to take over its previous firm, Hyundai LNG Transport.
HMM has been eager to diversify its earnings base and with the native non-public fairness homeowners of Hyundai LNG Transport placing the corporate on the market, the cash-rich liner has made its transfer.
Hyundai LNG Transport, which was offered by HMM 9 years in the past because it hit troubled occasions financially, at this time has a fleet of 16 LNG carriers and 6 VLGCs.
Greatest recognized for its container publicity, HMM is concerned in different trades. Its fleet at this time stands at 72 field ships, 15 tankers, 13 bulk carriers and 4 multi-purpose ships. In April, it determined to reenter one other enterprise that it had cashed out throughout earlier arduous occasions, ordering three automobile carriers to be constructed at Guangzhou Shipyard Worldwide in China.
The non-public fairness homeowners of Hyundai LNG Transport have but to decide on HMM’s bid.
HMM has been underneath state management for the previous 10 years, with its collectors now beginning a privatisation course of, one in every of a number of sizeable shipowner adjustments within the works from the East Asian nation.
Hahn & Firm, the largest non-public fairness participant in Korean transport, is searching for a purchaser for each the tanker division of SK Transport in addition to H-Line Transport, one of many nation’s largest shipowning entities.
Likewise, two native non-public fairness backers of dry bulk concern Polaris Transport are additionally testing the market, having employed Lazard Asset Administration to research a potential sale.
