HMM has successfully overcome all the challenges through debt for equity swap and changing conditions (adjustment of charter fee / debt adjustment with bondholders etc), the company said in its press release.
Favorable conditions for HMM including reduced HMM’s financial burden, benefits from Korean government supports, a possibility of support from its largest shareholder, and merits as Korea’s main national flag carrier led to raise HMM’s credit rating from D to BB.
Meanwhile, HMM’s debt ratio slightly increased from 186% (2016.09) to 235%, as HMM issued convertible bonds, and acquired overseas shipping terminals etc.