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Korea's HMM looks to expand box shipping fleet to one million TEU

HYUNDAI Merchant Marine's (HMM) head Jae Hoon Bae has outlined how the carrier aims to double its capacity to one million TEU, in a New Year's address to employees since becoming president and CEO of Korea's leading ocean liner

06 January 2020 - 19:00

HYUNDAI Merchant Marine's (HMM) head Jae Hoon Bae has outlined how the carrier aims to double its capacity to one million TEU, in a New Year's address to employees since becoming president and CEO of Korea's leading ocean liner.

HMM will begin to take delivery of twelve 24,000 TEU ships from the second quarter of this year. Plenty more ships will be ordered soon if HMM is to meet its expansion goals of having US$10 billion in annual revenue and a one million TEU-strong fleet, Singapore's Splash 247 reported.



Alphaliner data shows HMM's fleet today - including ships still to deliver - stands at 388,526 TEU, making it the 10th largest shipping line worldwide.



HMM will also join THE Alliance in April, marking a major development for the shipping line.



'In order to compete with other global top-rated carriers, offering differentiated value-added services is a top priority,' Mr Bae commented in his new year's address.



On environmental matters, the HMM president had some stark words, telling staff: 'Carbon neutrality [is] a defining issue of our time.'



Mr Bae revealed in his speech plans to set up an enterprise-wide research and development structure to handle what he described as the 'environmental regulation paradigm change'.


WORLD SHIPPING

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