Putting a brave face on the disappointment of not getting full membership to a key container alliance, the head of Hyundai Merchant Marine (HMM) today outlined plans to double his firm’s global market share in the coming five years.
The South Korean liner only managed to get a limited partnership with 2M members, Maersk Line and MSC, after lengthy discussions in Europe last week. Rather than full alliance membership, HMM will share vessel space with 2M members.
HMM said today it still could join 2M in three years, so long as its financial results improve. HMM said it will focus on the transpacific and aim to get a 5% global market share in the liner trades by 2021. Today it controls just 2.2% of the box trades, according to Alphaliner.
HMM’s CEO and president Yoo Chang-keun said at a news conference today, “Over the next two to three years, we’ll focus on competitiveness improvement rather than external expansion. In other words, it’s enhancing basic fundamentals to emerge as the final winner in this fierce global competition.”