Istanbul-based Densay Shipping sold the 36,228 dwt general cargo ship SSI Daring, which it purchased from Lauritzen for 24 million dollars in March 2023, to South Korean HMM, making a profit of 2.7 million dollars in four months.
They buy repeatedly
Opening the curtain with Densay’s SSI Privilege, the Korean company signed successive contracts, respectively, the 209,200 dwt Hermann Oldendorff built in 2016 from Oldendorff Carriers for 55 million dollars, and the 81,700 dwt BW Kobe built in 2019 from BW Dry Cargo. It purchased the 2018-built 81,800 dwt Livia Rose from Kambara Kisen for 36 million dollars, and the 2019-built 63,600 dwt West Oslo from Nisshin Shipping for 31.5 million dollars.
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.