Hyundai Merchant Marine Mulls Fleet Capacity of 100 million TEUs by 2022

Maritime Activity Reports, Inc.

October 30, 2018

Photo: Hyundai Merchant Marine

Photo: Hyundai Merchant Marine

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, HMM plans to finalize the acquisition of stakes in Hyundai Pusan New Port (HPNT) by the end of this year.

Yoo stated that, “HMM will do its utmost to improve productivity by connecting Block Chain and IoT technology to our services in order to increase customer satisfaction. We need to transform HMM to an IT friendly company to fulfil our vision of smart shipping.”

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News