The state-backed ship financing company Korea Shipping is looking to buy up to ten container vessels operated by Hyundai Merchant Marine (HMM), and lease them back to the shipping firm.
The financing company, which was established in January 2017 to help local shippers and shipbuilders amid a lengthy depression seen by the industry, would also purchase HMM’s stocks and debts as the South Korean shipping giant aims to boost its financial position, Yonhap News Agency cited Sohn Byung-doo, a member of the country’s financial regulator Financial Services Commission.
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