One Year After HMM's Name Change, 'Structural Improvement' Success... 2022 Goal of 1 Million TEU

Additional Orders and Chartering Aim to Recover 2022 Volume to 1 Million TEU... Targeting Pre-Bankruptcy Level of Hanjin Shipping

[Asia Economy Reporter Yu Je-hoon] HMM celebrated the 1st anniversary of its name change on the 1st. Over the past year, HMM has undertaken structural improvements through joining a new shipping alliance, expanding its fleet capacity, and returning to profitability, with plans to emerge as a global top-class shipping company by reaching a fleet capacity of 1 million TEU (6m containers) by 2022.

Since changing its name from Hyundai Merchant Marine to 'HMM' on April 1 last year, HMM has achieved remarkable growth. Last year, it recorded an operating profit of 980.8 billion KRW, marking a return to profitability for the first time in 10 years and achieving its best-ever performance.

Additionally, since April last year, HMM began cooperation with THE Alliance, one of the world's top three shipping alliances, for a 10-year partnership. HMM had joined THE Alliance as a full member in July 2019. Due to the extensive market, it is impossible for a single carrier to provide all services in the shipping market, so joining a shipping alliance was a fundamental prerequisite for strengthening service network competitiveness and regaining trust.

The fleet capacity has also expanded significantly. Starting with the HMM Algeciras in April last year, twelve of the world's largest 24,000 TEU container ships were consecutively delivered, increasing the fleet capacity sharply from 430,000 TEU to 720,000 TEU within a year. The global carrier ranking also rose one step from 9th to 8th place.

Since last month, HMM has also been sequentially receiving eight 16,000 TEU container ships. These vessels are the largest capable of passing through the Panama Canal and can be deployed on all major global routes including Europe, the Mediterranean, and the Middle East. Upon completion of these deliveries, HMM will operate a total fleet of 850,000 TEU.

HMM aims to achieve a fleet capacity of 1 million TEU by 2022 through additional ship orders and charters. If the plan proceeds as scheduled, it will recover the fleet capacity it had before the bankruptcy of Hanjin Shipping.

An HMM official stated, "Despite long-term deficits, HMM's successful resurgence was possible thanks to the strong support and assistance from the government, related agencies, the public, and the efforts of our employees," adding, "This year, as we plan to deliver eight 16,000 TEU container ships, we will focus on improving profitability through additional cargo acquisition efforts, capacity enhancement, and improving our sales structure."

This content was produced with the assistance of AI translation services.