Hyundai Merchant Marine has succeeded in further cutting its large debt pile via its second major disposal of the year. Having started 2002 with a gearing level around the 1,400% level, the company is now believed to have cut the figure to about a quarter of the original amount.
The Korean shipping giant earlier sold three Korean ports to Hutchison Whampoa for $215 million.
On Saturday it announced it will sell its car-carrier division to Wilh Wilhelmsen and Wallenius Lines for the sum of $1.3 billion in cash and $200 million in assumed debt.
This combined $1.7 billion worth of disposals has seen HMM's progressive and forward thinking management reduce its debt to...