The new state backing will finance orders for megaships as the container-ship operator struggles to stay afloat
South Korea’s Hyundai Merchant Marine 011200 -5.38% is getting another $5 billion in state funding to finance a series of new orders for megaships as the company tries to compete with bigger Asian and European rivals in a difficult container shipping market.
HMM, the country’s de facto flag carrier after the collapse of Hanjin Shipping Co. in 2016, will spend $2.8 billion to buy 20...