Hyundai Merchant Marine (HMM) has finalised negotiations and approval procedures regarding joining the 2M Vessel Sharing Agreement (2M VSA). HMM today signed a Memorandum of Understanding, confirming that it will join the agreement from April 2017.
In joining the 2M VSA, HMM will be able to strengthen its service offering and will see a cost benefit from greater economies of scale. By extending membership to HMM, 2M VSA will have greater network coverage in the transpacific area.
HMM has arranged with its creditors to swap $2.2bn worth of debt with new shares, meaning main creditor Korea Development Bank is now HMM’s largest shareholder. This debt-for-equity swap now means HMM’s financial structure is much more stable and allows HMM to meet future challenges.
A HMM spokesperson said: “Based on the company’s sound financial structure, HMM will put its utmost efforts into improving our service offering to clients and to continue increasing operational competency in the second half of this year to continue improving profitability of our company.”
To find out more about our staffing solutions, and which could be right for your business, click the link below, and one of our specialist consultants will be in touch.
