HMM reveals ship order plan for 2017

Restructured Hyundai Merchant Marine (HMM) has unveiled its fleet expansion plan for next year.

News ID: 70910

Date: 17 December 2016 - 12:00

According to MANA, The Korean owner aims to order containerships and VLCCs in 2017,The Asiasis website cited the company as saying it has formed a consultation group which will examine potential yards and demand for vessel types.

It wants to replace boxships that are scheduled to be scrapped, as well as ordering feederships and focusing on eco-tonnage.

Currently controlling 2.2 percent of global container capacity, the firm said it intends to improve cost competitiveness by focusing on the Asia-US route and raising wet bulk carriers rather than dry bulk vessels.

In addition, HMM will focus on raising revenues and operating profits, and improving service quality in the next two to three years, local media cited Yoo Chang-keun, HMM’s CEO, as saying.

HMM’s creditors, including the Korea Development Bank (KDB), agreed to inject about KRW 300 billion (USD 256.7 million) into the firm by this month.

On December 11, 2016, HMM reached an agreement with Maersk Line and Mediterranean Shipping Company (MSC), members of the 2M alliance, to enter into a new strategic cooperation.