HMM: Results of the Tender Offer
On 17 September, HMM Co., Ltd. (011200 KS) announced the results of the tender offer.
Its two largest shareholders (Korea Development Bank - KDB and Korea Ocean Business Corp - KOBC) both participated in the tender offer.
With end of the tender offer, we believe there could be a renewed focus on the continued decline in the global shipping rates which is negative on HMM.
Source: Shanghai Shipping Exchange
Shanghai Containerized Freight Index
In the past two years, the Shanghai Containerized Freight Index reached its highs of around 3,750 in January 2024. It reached its recent lows in August 2024 and climbed again to about 2,250 in December 2024. Since then, this index has been declining gradually to reach 1,398 as of 12 September 2025. Overall, the trend of this freight index is down and it is negative on HMM.
