Ck Yoo News

South Korean carrier  Hyundai Merchant Marine (HMM) announced that it has acquired joint ownership of PSA Hyundai Pusan New-port Terminal (PHPNT) in Busan.Yuanta HPNT, a company jointly established by the shipping liner and Singaporean shipping company PSA, signed a contract to purchase Waska, which holds a 50-percent stake in the terminal at a a ceremony attended by Young-Choon Kim (Minister of Oceans and Fisheries). With the acquisition, HMM regains operational control over the terminal."This sales contract includes that the private equity fund, Yuanta-HPNT will acquire stakes of Waska Inc. which holds 50% stakes of PHPNT," said a…

South Korean container line Hyundai Merchant Marine (HMM) has named its new very large crude carrier (VLCC) at the Daewoo Shipbuilding & Marine Engineering (DSME).The 300,000 dwt vessel was named the Universal Leader during the ceremony held at DSME’s Okpo shipyard in Geoje on January 29, 2019.About 100 distinguished guests attended the ceremony including C.K. Yoo (President & CEO of HMM), Ho Seon Hwang (President of Korea Ocean Business Corporation(KOBC)), and Sung Leep Jung (President & CEO of DSME).Additionally, Mrs. Jang Mi No, Mr. Hwang’s wife, took on the role as godmother who cut the ropes to officially name the ship during the ceremony.

The South Korean container carrier Hyundai Merchant Marine (HMM) has chalked out an ambitious blueprint for expansion.The ocean carrier's CEO C.K. Yoo presented HMM’s target of building up its capacity to 100 million TEUs and posting USD 10 billion in annual revenue by 2022, during an employees  gathering at HMM HQ in the Seoul office.HMM recently ordered twelve 23,000 TEU and eight 15,000 TEU eco-friendly mega vessels in preparation for the IMO’s sulfur regulations starting from 2022, and to secure competitiveness through economies of scale.The newly ordered mega vessels are expected to deliver from 2020 in sequential order.In addition…

With India’s high economic growth and the improvement of container market, Hyundai Merchant Marine (HMM) has been aggressively expanding its sales activities within the region. HMM currently operates seven services and ten vessels between Asia-India, and its export volume from India last year increased almost 70% year-over-year. With the continuous growth of Indian market, HMM – as Korea’s first shipping carrier – has established India’s local subsidiary company in 2005 and has elevated its status as a ‘subsidiary’ to ‘Headquarter’ last September. HMM held its invitational event for its VVIPs in Mumbai, India recently. It was held to further enhance the communication between its valued customers, the event took place at St.

South Korea's Hyundai Merchant Marine (HMM) announced that it launches new Asia-North Europe Express (AEX) service in April. HMM opens a new Asia-North Europe loop in accordance with the increased demand for Express Service. AEX is an independent service operated by HMM outside of the strategic cooperation with 2M. In the meantime, HMM has utilized 2M’s vessel space in Europe trade. Last year, HMM’s handling volume dramatically increased to 4.03 million teu, up more than 30% y.o.y mainly in Asia, US and Europe trades. HMM will deploy ten Panamax (4,600 teu) vessels in AEX service and its first sailing begins on April 8th. Port rotation of the new service is Pusan, Shanghai, Ningbo, Kaohsiung, Shenzhen, Singapore, Colombo, Rotterdam, Hamburg, Southampton, Singapore, Hong Kong, and Pusan.

South Korean shipping company Hyundai Merchant Marine (HMM) has signed a long-term crude oil shipping contract with compatriot oil refiner GS Caltex. A press release from HMM said that the KRW190 billion (USD 180 million) contract will involve the transportation of 19 million tonnes of crude oil from Saudi Arabia and the Gulf from July 2019 to August 2024. Accordingly, HMM plans to deploy two 300,000 dwt Very Large Crude Carriers (VLCC) which were previously ordered last September. C.K. Meanwhile, HMM has continued its partnership with GS Caltex over 20 years in crude oil shipping business.

South Korea's Hyundai Merchant Marine (HMM) has  held a “2018 Sales Strategy Meeting” to prepare sales strategies for the next year. At the meeting being held on 18-22 December 2017, approximately 150 people attended including HMM President & CEO C.K. YOO, and 50 HMM expatriates in US, EU, and Asia etc, and discussed each unit’s sales strategy and a detailed promotion plan for 2018. C.K. Moreover,  Yoo also commented about a new shipbuilding plan to order 22,000TEU that “This will be the mega-ship building project in accordance with the national expectation for being a leading shipping nation. In this meeting, HMM will focus on finding ways of strengthening manpower through professional education, and achieving innovative growth through Blockchain technology.

Hyundai Merchant Marine (HMM) announced that it has signed a formal contract with Daewoo Shipbuilding & Marine Engineering (DSME) for construction of five 300,000 dwt Very Large Crude Carriers (VLCC) with an option of five more vessels. HMM’s letter of intent with DSME for five VLCCs (+5 option) was singed back in April 2017. Under the agreement, DSME will build five VLCCs for HMM worth approx. KRW 470 billion (USD 420 million) that will be financed by the New Shipbuilding Program. As current market prices for new VLCCs have fell to the lowest level since 2003, HMM considered this year is the right time to order new VLCCs to take a proactive action towards market change. The VLCCs are set for sequential delivery in the 1st half of 2019. C.K.

As many as 220 former Hanjin Shipping employees could be set to start work at Hyundai Merchant Marine. The South Korean carrier has already hired 131 employees including onshore, offshore, overseas staffs and ship managers. Moreover, HMM will also recruit 41 additional ex-Hanjin’s employees including offshore staff and assign them to the tasks next month. Then, HMM will acquire total 172 of Hanjin’s workforce of next month. In addition, HMM also plans to rehire the maximum of 40~50 additional Hanjin’s offshore staff to fit in with expansion HMM plans by acquiring additional vessels. Its move will bring the total rehired staff number up to around 220 . HMM CEO, C.K. Yoo said “We acquire the best shipping workforce via 1:1 interview.

During the City Trade Mission to Seoul, Antwerp Port Authority signed a Memorandum of Understanding with KITA, the Korea International Trade Association. With 77,000 member companies KITA represents Korea's international trading community. The proposed collaboration between Antwerp Port Authority and KITA represents a significant boost for the port, emphasised Jacques Vandermeiren, CEO-designate of the Port Authority, just before the signing of the MoU. Antwerp hopes to attract significantly more trade from Korea in future, while KITA for its part sees Antwerp as the gateway to Europe for its exports. "In 2015 we sent 77,000 TEU of container freight to Antwerp.