Pusan new port (Hyundai)

Hyundai Merchant Marine (HMM) today signed a voluntary agreement (VA) with major creditor Korea Development Bank (KDB) and other creditor banks, after apparently making “significant progress” on its charter rate cut negotiations with shipowners.

A company statement said: “Originally, the creditor banks were planning to sign the voluntary agreement once HMM completes every stage of its restructuring plans. However, they decided to take the agreement forward in order to actively support HMM’s stabilisation as well as accelerating the charter cut negotiations and the ...

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