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HMM to set up JV with Singapore port operator

All News 15:14 August 14, 2020

SEOUL, Aug. 14 (Yonhap) -- HMM Co., South Korea's biggest shipping company by sales, will set up a joint venture with Singapore port operator PSA International next month, the oceans ministry said Friday.

HMM's move is designed to secure its terminal in Singapore, the world's busiest container transshipment hub.

PSA will own a 58 percent stake in the joint venture while the rest will be held by HMM and the Korea Ocean Business Corp., state-run agency set up to revive the nation's shipping industry, the Ministry of Oceans and Fisheries said.

HMM did not give any further details, including its stake, citing ongoing discussions.

This photo, provided by HMM, shows the bow of its 24,000-TEU vessel being built at the Samsung Heavy Industries' Geoje shipyard. (PHOTO NOT FOR SALE) (Yonhap)

entropy@yna.co.kr
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