Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Concerns are growing over a possibility that Hyundai Merchant Marine (HMM) may be excluded from the 2M alliance. One Korean newspaper reported yesterday that HMM signed a memorandum of understanding (MOU) with Maersk Line and MSC in July to join the 2M alliance, not a typical contract (the heads of agreement or HOA) that other companies sign to join an alliance.It is true that the MOU signed by HMM has less legal force than a typical contract (HOA) to form an alliance among shipping companies…

Concerns are growing over a possibility that Hyundai Merchant Marine (HMM) may be excluded from the 2M alliance. One Korean newspaper reported yesterday that HMM signed a memorandum of understanding (MOU) with Maersk Line and MSC in July to join the 2M alliance, not a typical contract (the heads of agreement or HOA) that other companies sign to join an alliance.It is true that the MOU signed by HMM has less legal force than a typical contract (HOA) to form an alliance among shipping companies…

Legality Issue of Hyundai Merchant Marine's MOU with 2M

Transport Sector, China and Asia-focused Research

Charles De Trenck

Equity Bottom-Up

I wasn’t in a hurry to write this up because the early victims were at once many and the bigger ones (like DAC) generally obvious. Our friends at Drewry are, of course, on the case.  Hanjin's silver lining for other container lines, as we have seen short-term rates spike to US and Europe. And there is now also some downside protection being provided by authorities, who are directing some Hanjin ships to unload at some ports (Singapore, Hamburg, Busan), which will allow unloading. Unfortunately…

I wasn’t in a hurry to write this up because the early victims were at once many and the bigger ones (like DAC) generally obvious. Our friends at Drewry are, of course, on the case.  Hanjin's silver lining for other container lines, as we have seen short-term rates spike to US and Europe. And there is now also some downside protection being provided by authorities, who are directing some Hanjin ships to unload at some ports (Singapore, Hamburg, Busan), which will allow unloading. Unfortunately…

The Hanjin Mess and a Quick Survey of Exposed Victims

Equity Research Analyst, Maritime sector, Drewry Maritime Financial Research

Ankush Kathuria CFA, FRM

Equity Research Analyst, Maritime sector

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Thematic (Sector/Industry)

<blockquote>
“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
</blockquote>This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…


“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a structural one. We need rehab.”
―Nassim Nicholas Taleb, Ten principles for a Black Swan-proof world (2009)
This morning, Hanjin Shipping Co. said it will apply for court receivership after lenders decided to halt all support. We have been highlighting these risks from 2013 and in our last update on troubled container shipping company, we had highlighted the…

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when <a href="https://www.smartkarma.com/entities/8656" target="_blank" data-smartkarma-citation="entities:8656:1">Hanwha Chemical Corp (009830 KS)</a> became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical Corp (009830 KS) became the first company to proactively file its application. The One-Shot Act was passed into law in February 2016. The One-Shot Act will help companies to accelerate spin-offs and mergers through simplified structures as well as provide tax benefits and subsidies for R&amp;D. The companies that want to benefit from the One-Shot Act need to…

Start of One-Shot Act - The Good, Bad, and the Ugly

We at DMER have been keeping a close watch on Hyundai Merchant Marine (011200 KS) through the year. We did not expect the company to go under and expected it to survive by a mix of creditor and shipowner led restructuring. <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out</a>, <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy," target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy,</a>  <a href="https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-gets-a-lifeline" target="_blank">https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-gets-a-</a>…

We at DMER have been keeping a close watch on Hyundai Merchant Marine (011200 KS) through the year. We did not expect the company to go under and expected it to survive by a mix of creditor and shipowner led restructuring. https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-how-will-the-endgame-play-out, https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-pulls-back-from-bankruptcy,  https://www.smartkarma.com/insights/hyundai-merchant-marine-011200-ks-gets-a-…

Hyundai Merchant Marine (011200 KS) - Living Dangerously, Details of Restructuring Emerge

South Korea

Pan Ocean Co., Ltd. is a Korean shipping company that engages in marine transportation business. The Company provides bulk cargo carrier, pure car and truck carrier, container and tanker services.

Korea Line Corporation (KLC) owns and operates a fleet of vessels that carry bulk cargo, such as iron core, coal, hot coils, and liquefied natural gas (LNG). The Company provides exclusive lines for Pohang Iron & Steel, Korea Gas, and Korea Electric under long term contracts.  KLC also offers tramp services, and transports grain, sugar, logs, minerals, and steel products.

Heung-A Shipping Co., Ltd. provides shipping trade services.  The Company also provides chemical tankers to transport petrochemicals in areas that includes Japan, Taiwan, China, and Southeast Asian regions.

KSS LINE LTD provides marine transportation services.  The Company mainly transports items such as gas and chemical products.  KSS LINE provides worldwide gas product transportation, Far East and South East Asia area for chemical product shipping.

Eusu Holdings Co., Ltd. is a holding company, which operates marine transportation services such as container service, bulk service, terminal service, and ship lease.

Korean Air Lines Co., Ltd. operates air transportation services.  The Company's services include passenger and cargo transportation, aircraft maintenance, and air catering.  Korean Air Lines provides domestic and international airline services.

Hyundai Glovis Co., Ltd. provides domestic and international logistic services. The Company's services include domestic transportation, storage, packaging, vehicle logistic, and logistic consulting.  GLOVIS also runs automobile auction market for used vehicle.

Hanjin KAL Corporation is a holding company. The Company, through its subsidiaries, engages in airline, hotel, and travel related services. Hanjin also invests in real estates.

Sun Kwang Co., Ltd. provides harbor loading and unloading, general and hard goods transportation, warehouse, cargo handling, container handling, and stevedoring services.  The Company also extracts and sells sea sand for ready mixed concrete manufacturing.

CJ Logistics Corporation provides logistics services. The Company provides land transportation, maritime transportation, harbor unloading, cargo storage, international logistics processing, and other services. CJ Logistics also provides internet home shopping services. CJ Logistics serves customers worldwide.

Orient Overseas International Ltd, through its subsidiaries, owns and leases ships, operates terminals, and provides freight forwarding and container transportation services.  The Company also develops and invests in properties, leases equipment, and invests in securities.

Kirby Corporation operates a fleet of inland tank barges.  The Company transports industrial chemicals, refined petroleum products, black oil products, and agricultural chemicals.  Kirby also overhauls and services diesel engines employed in marine, power generation, and rail applications.

Kawasaki Kisen Kaisha, Ltd. operates marine cargo and passenger transportation around the world.  The Company provides ocean liner, bulk carrier, car carrier, unscheduled specialized carrier, and energy transportation services. The Company also offers insurance, warehousing, and land transportation services.  Items transported include automobile, grain, petroleum, coal, iron ore, and wood chip.

MISC Berhad owns ships and operates shipping and related services. Through its subsidiaries, the Company provides trucking, warehousing and forwarding service, containers and prime movers repair, and container haulage. MISC Berhad also has operation in trucking and launch operator.

Yang Ming Marine Transport provides transportation services and handles domestic and foreign maritime services on cargos.  The Company also operates warehouse, wharf, tug, barge, and container freight station services as well as repairs, leases, and sells containers and chassis.

Wan Hai Lines Ltd. provides marine transportation and shipping agent services. The Company also purchases, sells, and leases vessels and containers as well as operates container freight stations.

SITC International Holdings Company Ltd. offers marine shipping services.  The Company offers container liner shipping, freight forwarding, customs clearance, shipping agency, and ship brokerage services.  SITC operates in Asia.

Evergreen Marine Corp. (Taiwan) Ltd. transports freight by ships. The Company operates container ships to move freight throughout the world. Evergreen Marine has interests in terminals, airline operations and motor freight transportation, as well as container manufacturing.

Mitsui O.S.K. Lines, Ltd. provides marine transportation, warehousing, and cargo handling services.  The Company operates container ship, specialized carrier, oil tankers, and ferry.  Items transported include coal, iron ore, grain, logs, aluminum, cement, industrial salt, copper ore, wood chips, paper products, chemical products, gasoline and other petroleum products, LPG, and other cargoes.

COSCO SHIPPING Energy Transportation Co., Ltd. offers marine shipping services. The Company provides refined oil transportation, crude oil transportation, and other services. COSCO SHIPPING Energy Transportation also ships iron ores, dry bulks, coal, and other products.

Cosco Shipping Energy Transportation Co. Ltd. (H) (1138 HK)

Cosco Shipping Energy Transportation Co. Ltd. (H)

HMM Co., Ltd. provides marine transportation services.  The Company commands different types of vessels including full container vessels, oil tankers, car carriers, LNG carriers, bulk carriers, and tramps.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HMM Co., Ltd. (011200 KS)

Legality Issue of Hyundai Merchant Marine's MOU with 2M

Concerns are growing over a possibility that Hyundai Merchant Marine (HMM) may be excluded from the 2M alliance. One Korean newspaper reported...

Sanghyun Park

The Hanjin Mess and a Quick Survey of Exposed Victims

I wasn’t in a hurry to write this up because the early victims were at once many and the bigger ones (like DAC) generally obvious. Our friends at...

Charles De Trenck

Hanjin Shipping(117930 KS) - Borrowed Time Comes to an End

“Using leverage to cure the problems of too much leverage is not homeopathy, it is denial. The debt crisis is not a temporary problem, it is a...

Drewry Maritime Financial Research

Start of One-Shot Act - The Good, Bad, and the Ugly

The "One-Shot Act" (also called The Special Act on the Corporate Revitalization) effectively started in Korea on 16 August when Hanwha Chemical...

Douglas Kim

Hyundai Merchant Marine (011200 KS) - Living Dangerously, Details of Restructuring Emerge

We at DMER have been keeping a close watch on Hyundai Merchant Marine (011200 KS) through the year. We did not expect the company to go under and...

Drewry Maritime Financial Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)