Pan Ocean

Seoul earmarks US$2.5 billion to boost vessel capacity of smaller box lines

As part of plans to grow the locally owned container shipping fleet, the South Korean government will set aside around US$2.5 billion to increase the fleets of SM Line and other South Korean feeder operators by 100,000 TEUs.

The kitty is targeted at SM Merchant Marine, commonly known as SM Line, Sinokor Merchant Marine, Korea Marine Transport Company (KMTC Line), Pan Ocean, CK Line, Namsung Shipping and Dongjin Shipping.

Currently, these companies have a combined boxship fleet of approximately...

https://container-news.com/seoul-earmarks-us2-5-billion-to-boost-vessel-capacity-of-smaller-box-lines/

HMM sale will be cautiously proceeded in view of taxpayers

South Korea’s Minister of Oceans and Fisheries Kang Do-hyung told journalists at a New Year briefing that he does not believe there will be a “winner’s curse” in selecting the Harim Group-JKL Partners consortium as the preferred bidder for the country’s flagship carrier HMM.

HMM’s largest shareholders, the state-controlled Korea Development Bank and Korea Ocean Business Corporation, chose the Harim-JKL consortium over Dongwon LOEX as the preferred bidder on 18 December 2023.

The company came...

https://container-news.com/hmm-sale-will-be-cautiously-proceeded-in-view-of-taxpayers/

HMM likely to be sold to Harim-JKL in US$4.9 billion deal

South Korean poultry processor and Pan Ocean owner Harim Group and its consortium member, private equity firm JKL Partners, were chosen as the preferred bidder to acquire the country’s flagship carrier HMM on 18 December.

HMM’s main shareholders, state-controlled institutions Korea Development Bank and Korea Ocean Business Corporation, announced their choice after nearly a month of assessment, after Harim-JKL and Dongwon LOEX, the logistics unit of fishing chaebol Dongwon group, made their bids...

https://container-news.com/hmm-likely-to-be-sold-to-harim-jkl-in-us4-9-billion-deal/

Pan Ocean sells ships to raise war chest for HMM bid

South Korean shipping group Pan Ocean is reportedly selling ships to raise funds to help its parent Harim Group bid for flagship box carrier HMM. So far, Pan Ocean has sold 10 ships this year, consisting of six chemical/products tankers, four bulk carriers, raising around US$132 million.

Sources from South Korea’s investment banking sector told Container News that Pan Ocean is pursuing the sale of three to four more ships, including two ships classified as scheduled for sale in the first half of...

https://container-news.com/pan-ocean-sells-ships-to-raise-war-chest-for-hmm-bid/

HMM starts solo intra-Asia route after ending joint operation with KMTC Line

South Korea’s flagship carrier HMM has backed out of the Korea-Thailand Express (KTX) service which it was codesharing with its compatriot regional carrier Korea Marine Transport Company (KMTC Line).

Primarily an ocean-going shipping company, HMM has announced that it will open an intra-Asia cross network (ICN) service, an independent pendulum (clockwise) route within Asia.

Six 1,700 TEU ships operating on the three existing routes will be converted to the new route to connect Korea, China,...

https://container-news.com/hmm-starts-solo-intra-asia-route-after-ending-joint-operation-with-kmtc-line/

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