Tag: HMM

Geopolitical instability and oversupplied market are continuing situations in the new year that may obstruct a positive outlook, says Hyundai Merchant Marine (HMM) president and CEO, Jae-hoon Bae, In his New Year message for 2020.

Hyundai Merchant Marine (HMM) will be the fourth member, besides Hapag-Lloyd, Ocean Network Express (ONE) and Yang Ming, to join THE Alliance. The members of THE Alliance have also decided to establish a new cooperation with four members and a term until 2030. The actions were agreed in Taipei on 19 June 2019. The new contract between the four lines will begin on 1 April 2020.

South Korean shipping company Hyundai Merchant Marine (HMM) announced today the launch of its new Corporate Identity, in a bid to reflect its vision and ambition for the future, according to HMM CEO Jae-hoon Bae.

The new CEO of South Korean shipping company Hyundai Merchant Marine wants to improve relations with Maersk and the Mediterranean Shipping Company of the 2M alliance. For this reason, Jae-hoon Bae will visit the two companies to strengthen their ties. Currently, the company has an agreement to swap container space with Maersk and MSC on trades between the Far East and US, which will expire in a year.

South Korean HMM announced that it will expand cooperation with Russian transportation group FESCO. With the expansion of cooperation, the current China-Korea-Russia weekly service will be reorganized and two of new direct services connecting Korea and Russia.

Finnish technology provider Valmet said it will supply scrubbers for seven new building container vessels, to be built by DSME for South Korean shipping company Hyundai Merchant Marine. The container ships will be the largest in the world, with over 23,000 TEUs each. 

As part of its efforts to comply with the 2020 sulphur cap, South Korean shipping company HMM announced the signing of a memorandum of understanding (MoU) to establish a win-win fund for scrubber installation and to seek cooperation in the shipping-related industries.

On January 30, 2019, HMM held a signing ceremony for the 'PSA-Hyundai Pusan New Port Pier 4' sales contract. This sales contract includes that the private equity fund, Yuanta-HPNT, which will acquire stakes of Waska Inc. which holds 50% stakes of PHPNT. HMM will also secure stable berths for 23,000 TEU mega containerships.

HMM finalised the contracts for its twenty eco-friendly mega containerships. Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries will construct seven and five 23,000 TEU containerships, for delivery in the second quarter of 2020. HHI will build eight 15,000 TEU containerships, for delivery in the second quarter of 2021.

South Korean Shipping company Hyundai Merchant Marine has selected three compatriot shipbuilders for the construction of its twenty eco-friendly mega container ships, under the company's ‘Capacity of 1 Million TEU’ strategy, and the Korean government’s ‘5 Year Plan for Rebuilding Korean Shipping’ plan.