Crew Reviews, Ratings & Info for Hyundai-Ecopia

Hyundai Merchant Marine is set to divest its entire liquefied natural gas (LNG) transportation division to a local investment firm for approximately 1.1 trillion won (around $1.03 billion). This move is part of the South Korean shipping company's ongoing efforts to generate funds aimed at alleviating debt amid a challenging economic landscape. The firm is facing the prospect of posting its third consecutive year of losses, driven by waning demand linked to the global economic downturn. The sale of the LNG transport unit is aligned with the broader strategy of Hyundai Group, which aims to raise over 3.3 trillion won in support capital. Formerly part of Hyundai Motor Group, Hyundai Group is also planning to bolster the finances of South Korea's second-largest shipping entity by market capitalization using the proceeds from the sale of brokerage Hyundai Securities Co Ltd. In a public announcement made on February 12, 2014, Hyundai Merchant Marine revealed that it has selected IMM Investment Corp as the leading contender for the LNG transport business, anticipating that the transaction will be finalized in the first half of this year. Following this announcement, shares of Hyundai Merchant Marine experienced a notable increase of up to 12 percent, outperforming a slight gain of 0.4 percent in the benchmark index. The LNG division, which has historically contributed a reliable cash flow for Hyundai Merchant Marine, manages a fleet of 10 vessels and facilitates nearly 20 percent of South Korea's annual LNG imports through long-term contracts with the state-owned Korea Gas Corp.