South Korean shipping major Hyundai Merchant Marine is expected to place orders for up to 20 ultra large container vessels (ULCVs), starting from March, according to local media.

The company would commence the ordering spree on the back of South Korea’s plan to support the ordering of up to 50 vessels this year.

Namely, the Ministry of Oceans and Fisheries is expected to present its five-year plan for the reconstruction of the shipping industry later this month. The Founding Committee for Korea Maritime Promotion Corporation will then start providing financial support.

The corporation can issue bonds up to four times its capital, amounting to KRW 3.1 trillion, and manage up to KRW 12 trillion in funds.

Hyundai Merchant Marine has delivered a net loss of KRW 479.5 billion in book value of 10 vessels that were sold to Korea Shipping and Maritime Transportation in March 2017.

The company’s total revenue increased by 10 percent year-on-year to KRW 5.028 trillion, while its handling volumes surged by 30 percent to 4.03 million TEU from 3.09 million TEU seen in the previous year.

World Maritime News Staff

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