In his first new year’s address to employees since becoming president and CEO of Korea’s largest shipping line, Jae Hoon Bae, the head of HMM, has outlined how the line intends to more than double in size to 1m teu in capacity.
HMM will start to take delivery of twelve 24,000 teu ships from the second quarter of this year. Plenty more ships will be ordered soon if HMM is to meet its expansion goals of having $10bn in annual revenue and a 1m teu strong fleet. Alphaliner data shows HMM’s fleet today – including ships still to deliver – stands at 388,526 teu, making it the 10th largest liner in the world.
In a big year for Korea’s flagship line, HMM will join THE Alliance in April.
“In order to compete with other global top-rated carriers, offering differentiated value-added services is a top priority,” Bae commented in his new year’s address.
On environmental matters, the HMM president had some stark words, telling staff: “Carbon neutrality [is] a defining issue of our time.”
Bae revealed in his speech plans to set up an enterprise-wide R&D structure to handle what he described as the “environmental regulation paradigm change”.
Bae took over from CK Yoo as the head of HMM in March last year.