HMM Shipping, which is considered a state enterprise in Korea because its main shareholders are Korea Development Bank and Korea Ocean Business Corp, has made a second move.
They started with Densay
The company first purchased the 63,600 dwt chemical tanker SSI Privilege, which was in the fleet of Dubai-based, Turkish-owned Densay Shipping. As part of the purchase, which took place in May 2024, the ship will be delivered to HMM in September 2024. It was learned that the company paid 32.4 million dollars for the 2019 built SSI Privilege.
Densay sold the 2004-built, 56,000-dwt dry cargo ship SSI Challenger to the Chinese for 12.7 million dollars in February 2024 .
They buy repeatedly
Opening the curtain with Densay, the Korean company signed successive contracts, respectively, the 209,200 dwt Hermann Oldendorff built in 2016 from Oldendorff Carriers for 55 million dollars, the 2019 built 81,700 dwt BW Kobe from BW Dry Cargo for 37 million dollars, the 2018 It purchased the 81,800 dwt Livia Rose from Kambara Kisen for $36 million and the 2019 built 63,600 dwt West Oslo from Nisshin Shipping for $31.5 million.
HMM purchased the 2017 built 34,500 dwt Hilma Bulker from Nisshin Shipping for 23.5 million dollars and the 2019 built 37,600 dwt Bamboo Star from Sugahara Kisen for 28 million dollars.
HMM raised its target
The Korean state decided to increase its competitiveness by investing when the privatization process of HMM was postponed. According to the company’s plan, it is planned to increase from 84 ships of 920,000 TEU to 130 ships of 1.5 million TEU by 2030, while on the bulk cargo side, the target is to increase from 36 ships with a carrying capacity of 6.3 million dwt to 110 ships of 12.28 million dwt.