New Signboard for HMM, Starting Fresh with 'The Alliance' from Today
[Asia Economy Reporter Yu Je-hoon] HMM (formerly Hyundai Merchant Marine), now under a new banner, officially began full-scale activities as a full member of THE Alliance, one of the world's top three shipping alliances, on the 1st. Amid the global economic downturn caused by the novel coronavirus disease (COVID-19), attention is focused on whether HMM, which is undergoing changes, can smoothly achieve its existing goal of turning a profit in the third quarter.
On the morning of the same day, HMM held the 'HMM Proclamation Ceremony' at its headquarters on Yulgok-ro, Jongno-gu, Seoul. The ceremony was held with only key stakeholders attending to prevent COVID-19, and was broadcast online to all domestic and overseas employees.
THE Alliance, which HMM began participating in as a full member from this day, is classified as one of the world's top three shipping alliances along with 2M and Ocean Alliance. Member companies include Germany's Hapag-Lloyd, Japan's ONE, and Taiwan's Yang Ming Marine Transport.
THE Alliance plans to call at 78 ports worldwide and provide a total of 33 services this year. HMM will provide 27 of these services. Unlike the previous 2M+M (a strategic cooperation between 2M and Hyundai Merchant Marine), HMM is expected to strengthen cost and service competitiveness as it participates as a full member.
In addition, HMM plans to acquire and deploy 12 ultra-large container ships of 24,000 TEU (a unit referring to one 6m container) class from the end of this month, and from next year, introduce eight 15,000 TEU class vessels to further enhance its shipping capacity competitiveness. However, HMM faces the adverse factor of an economic downturn caused by COVID-19 while aiming for a profit turnaround in the third quarter.
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An HMM official stated, "With the start of full-scale activities as a full member of THE Alliance, we plan to actively pursue the global market by restoring trust in the global shipping market, improving cost structures, and diversifying service routes."
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