HMM CEO outlines plans to double fleet size by 2022

In a new year’s address to employees Yoo Chang-Keun has laid down plans to double the size of Hyundai Merchant Marine’s (HMM) fleet by 2022.

Detailing how HMM had come through restructuring and saw growth in 2017, Yoo stated: “I am convinced that these achievements have laid a solid foundation for our long-term plan where we continue to consider ways of doubling our vessel capacity by 2022 including the launching of mega containerships as we deem the environmental regulations in 2020 as a golden opportunity for our resurgence.”

Last year HMM ordered five VLCCs and two 11,000 teu boxships. It also saw its annual teu handling jump from 3m teu to 4m teu.

HMM is believed to be close to sealing an order for a series of 22,000 teu ships to be built on home soil.

Yoo, in his address, also said HMM was looking at ordering dry bulk ships.

“[T]he dry bulk sector should revamp the tonnages to be more competitive as the old chartered tonnages are being returned to owners, and in addition, we should exert great effort to reestablish relationships with customers in preparation for better market conditions,” Yoo said.

HMM is taking advantage of generous government backed cash to build ships domestically.

Yoo, at the helm of HMM for a second stint, finished his address by stating: “After several years of hardship, we are finally about to grasp the precious opportunity for rebound.”

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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