April 25, 2024

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[THE INVESTOR] Hyundai Merchant Marine has joined hands with Greek firm Tsakos to set up a ship management joint venture in the country, according to TradeWinds on Feb. 1.

HMM’s wholly-owned subsidiary Hyundai Ocean Service has recently signed an agreement with the third-largest shipping company in Greece to establish Tsakos Hyundai Shipmanagement, which will start operations in Athens as early as next week.

Since 2007, HMM has been managing the LNG carriers of its Greek partner, one of the top 10 global shipping companies with over 90 vessels. The newly established joint venture company will manage Tsakos’ 12 vessels.

HMM acknowledged that it has set up a JV but did not provide any specifics citing some remaining procedures.

By Hwang You-mee (glamazon@heraldcorp.com)