Hyundai Merchant Marine (HMM) is selling ships to a new government fund and chartering them back at reduced rates.
The company said the ship finance fund, potentially to be called Korea Shipping Company (KSC), will spend KRW 750bn ($644m) on an unspecified number of its vessels.
The deals will be done at market value, but KSC will pump capital into HMM to make up for the difference between the price and the book value.
It
