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HMM secures subsidies for major order

South Korean container carrier Hyundai Merchant Marine is set to receive South Korean state subsidies for its major order on a number of new ships, write several media. Among other things, the money will be spent on vessels greater than 20,000 teu.

Photo: Hyundai Merchant Marine

South Korean container liner Hyundai Merchant Marine (HMM) will receive state funding in order to finance its plans of new ships and growth.

Several media write that the container carrier will receive USD five billion in subsidies. USD 2.8 billion will be used on a newbuild program of a total of 20 major container ships, which will all be built at South Korean yards. The remaining amount will most likely be spent on acquiring container terminals, writes Wall Street Journal.

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