News / Tumbling freight rates may delay Korean government sale of shares in HMM

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The South Korean government should not rush into selling off its stake in flagship liner operator HMM, because of the fall in container freight rates, said minister for oceans and fisheries Cho Seung-hwan.

His comment marks a u-turn from his position in August, when he told president Yoon Suk-yeol HMM had normalised its operations and the government should sell its shares in the company.

Like many other liner operators, HMM achieved record-high earnings in 2020 and 2021, as container freight rates soared ...