Hyundai Merchant Marine(HMM) has successfully slashed some 530 billion won out of the total two-point-five trillion won required in leasing container carriers over the next three-and-a-half years.

According to the firm's main creditor the Korea Development Bank(KDB) on Friday, the South Korean shipping company and container ship owners agreed on a 20 percent discount.

The company is also said to have reached an agreement with owners of bulk carriers to reduce charter rates by 25 percent.

Hyundai Merchant is expected to seal the deal with the ship owners by this month.