Hyundai Merchant Marine is set to complete a sale-and-leaseback deal involving 10 ships with newly formed Korea Shipping & Maritime Transportation.
A memorandum of understanding for the cash and securities transaction has now been signed on a deal that was first mooting last month.
In a statement to investors HMM said the ships had a book value of KRW 850bn ($740m) and that the deal would strengthen its financial position.
