HYUNDAI Merchant Marine (HMM) plans to place a string of orders for mega containerships ranging from 10,000 TEU up to 22,000 TEU, starting from next month at the earliest, providing it receives financing through a government backed programme.
The plan will be unveiled when the Ministry of Oceans and Fisheries announce its 'Five-Year Plan for the Reconstruction of Korean Shipping' at the end of the month.
The Founding Committee for Korea Maritime Promotion Corporation will provide financial support for the vessel acquisition. The corporation can issue bonds of up to US$2.7 billion and manage up to $10 billion in funds. The Ministry of Oceans and Fisheries said that it will support the ordering of 50 vessels this year, reported BusinessKorea.
The Korea Maritime Promotion Corporation has been newly founded to fill the gap left in the wake of the collapse of Hanjin Shipping.
'If the reconstruction plan is announced, Hyundai Merchant Marine will come up with a survival plan,' said the carrier.
A future vision outlined by Hyundai Merchant Marine - in line with the shipping reconstruction plan - is summarised as 'a super large fleet, the invasion of Europe and forming new alliances.'
Initially, the shipping line will place orders for 20 vessels, including 12 x 12,000 TEU vessels and eight 13,000 TEU vessels, starting in March.
If Hyundai Merchant Marine secures 20 vessels ranging in size from 10,000 to 20,000 TEU, the capacity of its fleet will surge to 800,000 TEU. The purpose of securing 20,000 TEU ships is to establish a new European route. HMM currently transports Asia to Europe cargo on 2M vessels and, likewise, for its service to the east coast of North America.
HMM is expected to launch a new European route by deploying six mega ships on one route. With respect to services to the east coast of North America, HMM is expected to offer a service to cover the west coast of North America and Panama Canal by cooperating with Israeli shipping line ZIM. This service will be operated by 13,000 TEU ships.
SHIPBUILDING
14 February 2018 - 19:06
Update: 18 February 2018 - 23:24
Hyundai Merchant Marine to place bumper box ship order
HYUNDAI Merchant Marine (HMM) plans to place a string of orders for mega containerships ranging from 10,000 TEU up to 22,000 TEU, starting from next month at the earliest, providing it receives financing through a government backed programme
SHIPBUILDING
14 February 2018 - 19:06
Update: 18 February 2018 - 23:24
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