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Hanjin Shipping "against" Hyundai Merchant Marine to join the new alli
Date:2016-06-15 17:47:46 | Visits:

Hyundai Merchant Marine has announced to add a new set of IRU The Alliance plans could face fellow Alliance member company of Hanjin Shipping opposition.

According to Tradewinds reports, sources said Hyundai Merchant Marine Hanjin competitors try to avoid its potential merger may therefore not keen to let Hyundai Merchant Marine to join the new alliance. Currently, the two companies are seeking support Korea Development Bank.

However, the company became a member of The Alliance crucial to Hyundai Merchant Marine is concerned. This is one of the three conditions of the Korea Development Bank to provide support for Hyundai Merchant Marine, the other two conditions is to reduce ship rental and implement debt conversion.

Hyundai Merchant Marine last week completed a share exchange, so that Korea Development Bank among the company's largest shareholder. As for reducing ship lease negotiations, Hyundai Merchant Marine on the 12th announced the completion of rent reduction negotiated, agreed with the owners by 20% -25% of the rent agreement.

Sources pointed out that Korea Development Bank is the main creditor of Hyundai Merchant Marine and Hanjin, do not want to lose the right to hold shares in any company. Although the merger between Hanjin and Hyundai Merchant Marine is able to solve its financial problems way out, but Hanjin executives opposed the merger. If Hanjin Shipping and Hyundai Merchant Marine have joined The Alliance, then the Korea Development Bank will be easier to achieve these two companies merged.

However, an official said Hanjin Shipping, Hyundai Merchant Marine for the company to join The Alliance plans do not stand. At the end of last month, The Alliance has not yet received any intention to join the Hyundai Merchant Marine official documents. Hyundai Merchant Marine To Join The Alliance needs to agree to other members of the company, currently the company does not allow individual public statement, which will affect the other members of the decision.

A Hyundai Merchant Marine executives confirmed that Hyundai Merchant Marine has not yet filed a formal request to join The Alliance, but the company is working with the members of the contact. He said that Hyundai Merchant Marine The Alliance needed to demonstrate their financial situation has improved, but before the company needs to reach a reduction of rent negotiations. Despite the market rumors that Hyundai Merchant Marine may also join the alliance or 2M Marine Union (Ocean Alliance), but the company's current focus is on The Alliance.

The Alliance set up last month, now its members include Hanjin Shipping, Hapag-Lloyd, Kawasaki Kisen Kaisha, Mitsui OSK Lines, NYK and Yang Ming Marine Transport. These companies will jointly operate trade routes all things, including the Asia-Europe line, Asia - Mediterranean routes, Asia - America West flight and Asia - US East Coast route, with trans-Atlantic routes and Asia - Middle East, Asia and the Arab Gulf and Asia - Red Sea route. The alliance will be fully operational in April next year, the initial five-year operational plan.

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