testata inforMARE

30 September 2022 The on-line newspaper devoted to the world of transports 18:45 GMT+2

December 29, 2021

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Original news
Seoul believes that this is not the time for the state to exit the capital of HMM

Moon: "Our role is to make the goose strong so that it can continue to lay golden eggs»

Now is not the time to privatize HMM. The South Korean's leading container shipping company has as its reference shareholder the State Development Bank Korea Development Bank (KDB), which holds 25% of the capital, and is also owned with over 3% of the capital by Korean Ocean Business Corporation (KOBC), the public company whose The mission is to promote economic development by increasing the competitiveness of South Korean maritime transport, society which was established in 2017 following the traumatic bankruptcy of the South Korean shipping company Hanjin Shipping occurred the previous year.

That the State should not leave capital at this time of the HMM said the Minister of Oceans and Fisheries of Seoul, Seong-Hyeok Moon, who, specifying to trust that the day in which HMM can become independent comes soon, has explained that this is not the time to sell. The statement of the minister came to silence the voices of those who in Korea urges the exit of public shareholders from HMM, now that the company is benefiting from the phase of exceptional growth the financial results of shipping companies which operate in the containerized transport segment.

Remembering that the current positive phase comes after a decade very negative for the maritime sector lasted until last Year, Minister Moon pointed out that the current boom is one of the effects of the Covid-19 pandemic and congestion harbours. Now - he specified - "our role is that to make the goose strong so that it can continue to lay eggs of gold".

Moon also recalled that next January 12 is in schedule a new meeting of the Korea Fair Trade Commission focusing on the level of freight rates applied by the national and foreign containerized navigation, meeting that will follow that of last May when the KFTC had proposed the imposition of penalties of up to 800 billion won (673 million dollars) to 23 shipping companies, including HMM, for having agreed from 2003 to 2018 the level of transport prices maritime. Fines - recalled Minister Moon - which in the opinion of the Ministry of Oceans and Fisheries shall not be imposed in how much at that time the shipowners had practiced levels of freight rates lower than those initially agreed with chargers and Freight forwarders.

PSA Genova Pra

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