SOUTH KOREAN shipping line Hyundai Merchant Marine (HMM) has set a sales target of US$10 billion by 2022, reported Yonhap news agency.
The target, which was unveiled at a gathering of employees on HMM's corporate vision in Seoul last week, calls for expanding its cargo transportation capacity to one million TEU annually.
Last month the carrier placed orders for twelve 23,000-TEU and eight 15,000-TEU ships. It said the vessels are needed so it can compete on an economy of scale with big global players such as Maersk Line and Mediterranean Shipping Co (MSC).
HMM is expected to receive the new ships starting in the second quarter of 2020 so they can be used on high traffic routes.
In addition to increasing its fleet size, the company said it will move to reacquire the Hyundai Pusan New-Port Terminal (HPNT) that it sold off as part of its restructuring process in 2016.
The company added that it has secured KRW1 trillion (US$875.2 million) in funds through the issuance of warrant and convertible bonds.
The target, which was unveiled at a gathering of employees on HMM's corporate vision in Seoul last week, calls for expanding its cargo transportation capacity to one million TEU annually.
Last month the carrier placed orders for twelve 23,000-TEU and eight 15,000-TEU ships. It said the vessels are needed so it can compete on an economy of scale with big global players such as Maersk Line and Mediterranean Shipping Co (MSC).
HMM is expected to receive the new ships starting in the second quarter of 2020 so they can be used on high traffic routes.
In addition to increasing its fleet size, the company said it will move to reacquire the Hyundai Pusan New-Port Terminal (HPNT) that it sold off as part of its restructuring process in 2016.
The company added that it has secured KRW1 trillion (US$875.2 million) in funds through the issuance of warrant and convertible bonds.