Korea Development Bank

Government will dispose of HMM stake in controlled moves, says KDB chief

As momentum builds towards the South Korean government’s inevitable sale of its stake in flagship liner operator HMM, Korea Development Bank chairman Lee Dong-gull warned the process must be gradual.
Mr Lee’s statement yesterday came less than a month after vice-minister of oceans and fisheries Eom Ki-doo told journalists the government hoped to find a buyer by the end of March 2022.
With over 44% of HMM’s stock, the government is the …

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https://theloadstar.com/government-will-dispose-of-hmm-stake-in-controlled-moves-says-kdb-chief/

“Time for us to take our hands off HMM,” says KDB chairman

Korea Development Bank (KDB) chairman, Lee Dong-gull said on 1 December that the time has come for the South Korean state-backed policy lender to liberate flagship carrier HMM, as the liner industry heads towards another year of record profits.

In an online press conference, Lee said, “It’s time to take our hands off HMM as the company has improved considerably in recent years, but this is to be discussed with the Ministry of Oceans and Fisheries and Korea Ocean Business Corporation (KOBC).”

HMM...

https://container-news.com/time-for-us-to-take-our-hands-off-hmm-says-kdb-chairman/

Seoul government to launch search for HMM buyer next year

By the end of Q1 22, a roadmap to sell the South Korean government’s stake in flagship liner HMM will be unveiled, vice-minister for oceans and fisheries Eom Ki-doo said on Tuesday.
Mr Eom said the ministry had begun a search for a potential buyer, with the Financial Supervisory Service, Korea Development Bank (KDB) and Korea Ocean Business Corporation (KOBC).
KDB and KOBC, both state-backed policy lenders, are HMM’s largest shareholders, with …

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https://theloadstar.com/seoul-government-to-launch-search-for-hmm-buyer-next-year/

Seoul to finance HMM newbuildings and demands more Pacific capacity

The South Korean government is intensifying efforts to support the country’s liner shipping industry and shippers amid an unprecedented spike in demand.

Speaking on 9 December, vice-minister for Oceans and Fisheries Park Jun-young, announced a KRW5 trillion (US$4.6 billion) investment in 33 ships by 2025, that will expand HMM’s capacity by 250,000TEU that will lift the mainline operators’ volumes to Hanjin Shipping’s pre-collapse levels, the government will provide.

Vice-Minister for Oceans and...

https://container-news.com/seoul-to-finance-hmm-newbuildings-and-demands-more-pacific-capacity/

Sinokor gets nearly US$180m in loans from policy lenders

South Korean financial institutions have put up a loan package of nearly KRW200 billion (US$179 million) for Sinokor Merchant Marine, the country’s second largest container shipping group.

The financing is part of a move to support South Korea’s major shipping companies that are experiencing a liquidity crunch due to the Covid-19 pandemic.

Korea Development Bank and The Export-Import Bank of Korea will provide KRW120 billion (US$107.39 million) of long-term loans to Sinokor, while Korea Ocean...

https://container-news.com/sinokor-gets-nearly-us180m-in-loans-from-policy-lenders/

Seoul sets aside US$382m emergency fund for HMM

The South Korean government has set aside KRW470 billion (US$382 million) in emergency funding for mainline operator HMM as the maritime industry faces another crisis in the form of the Covid-19 pandemic.

The funds are part of a wider KRW1.25 trillion (US$1.01 billion) fund announced by the Ministry of Oceans and Fisheries (MOF) on 23 April 2020, to help South Korean ship owners and shipbuilders tide over the crisis, which has disrupted supply chains and shipping demand.

Funds allotted to HMM...

https://container-news.com/seoul-sets-aside-us382m-emergency-fund-for-hmm/