South Korea's Hyundai Merchant Marine, which recently sold off its LNG business to a consortium comprised of IMM Private Equity and IMM Investment to raise badly needed funds to pay off mounting debts, has invited Letters of Intent for its bulk carrier operation, which is composed of ten capesize, two supramax and three handysize bulkers, plus several other ships being built by Hanjin Heavy Industries in South Korea and Jiangsu New Yangzijiang Shipbuilding and Bohai Shipbuilding in China. The company's existing ships are valued at about $410 million, while the newbuildings are worth approximately the same amount. The sale of the bulker fleet, if successful, would leave Hyundai with 30 container ships and a number of tankers still trading under its name.
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