Hyundai Merchant Marine (HMM) chief executive C K Yoo has unveiled the South Korean carrier’s target of building up its capacity to 1M TEU and posting annual revenue of US$22Bn by 2022.
Mr Yoo gave a presentation on HMM’s blueprint for the year 2022 to employees at the company headquarters at the end of October.
HMM recently ordered 12 23,000-TEU and eight 15,000-TEU eco-friendly mega vessels in preparation for IMO’s sulphur regulations starting and to secure competitiveness through economies of scale. The newly ordered mega vessels are expected to deliver from 2020 in sequential order.
Daewoo Shipuilding & Marine Engineering will build seven 23,000-TEU vessels, to be delivered in Q2 2020, while Samsung Heavy Industries will build five 23,000-TEU vessels, also to be delivered in Q2 2020. Finally, Hyundai Heavy Industries will build eight 15,000-TEU ships, slated for delivery in Q2 2021.
In addition, HMM plans to finalise the acquisition of stakes in Hyundai Busan New Port by the end of this year.