HMM to Double Vessel Capacity by 2022

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Hyundai Merchant Marine (HMM) intends to double its vessel capacity by 2022 as part of the company’s long-term plan, C.K. Yoo, HMM President & CEO, said in its New Year message.

The plan includes the recently unveiled 22,000 TEU newbuilding construction project that is expected to be realized this year.

The company plans to launch many projects in the IT sector such as the upgrade of operational and analytic programs, in addition to equipment and ship optimization programs.

“This year, the first year in our preparation for 2020, is likely to be another year of uncertainty. According to the latest reports from various maritime research institutions, while they are positive about the prospects of the world economy this year overall, they cite protectionism, unstable oil prices and regional oversupply of tonnage as negative challenges for the shipping industry,” Yoo said.

“Under these circumstances, while we deal with such a fluid environment with flexibility and agility, we ought to persistently pursue growth and profitability,” he added.

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