HMM Joins “Getting to Zero Coalition”
South Korean shipping giant Hyundai Merchant Marine (HMM) has joined the Getting to Zero Coalition, a new alliance that aims to accelerate international shipping’s decarbonization.Getting to Zero Coalition is a powerful alliance of nearly 100 organizations within various industrial sectors to achieve significant reduction of greenhouse gas (GHG) emission in the maritime industry.“Climate change is a defining issue of our time and the scale of the environmental regulation we are facing is unprecedented.
HMM Takes Top Spot in Schedule Reliability
South Korea's Hyundai Merchant Marine (HMM) toped highest on-time performance among 15 global carriers in June.According to the ‘Global Liner Performance Report – July 2019’, issued by SeaIntelligence, HMM ranked the most reliable carrier in June 2019 with a score of 91.8 percent - improved 8.2 percent points compared to last month.HMM’s performance was also 8.3 percent points higher than global average of 83.5 percent.
HMM to Join THE Alliance
The South Korean container liner shipping company Hyundai Merchant Marine (HMM) will join THE Alliance as a full member. Through this, 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 June 19, 2019. Subject to the necessary regulatory approvals, the new contract between the four lines will start on April 1, 2020.HMM has ordered twelve 23,000 TEU vessels which will be delivered in the second quarter of 2020.
HMM, FESCO Expand Cooperation
South Korean major Hyundai Merchant Marine (HMM) unveiled its plans to expand cooperation with Russian container line FESCO on their China Russia North Service (CRN).HMM has been jointly operating a China-Korea-Russia weekly service, under the name of ‘CRN’ with FESCO and CMA CGM.With the expansion of cooperation, the current CRN will be reorganized and two of new direct services connecting Korea and Russia, named 'KR2 (Korea Russia Service 2)' and 'KRS (Korea Russia Service)', will be introduced in the service network of HMM.HMM deploys one vessel (1,000 TEU) on the KR2 which directly connect
HMM to Enhance Global On-site Management
The new head of South Korean flag carrier Hyundai Merchant Marine (HMM) Jae-hoon Bae is on a charm-offensive trip to Europe to cement the shipping line's relations with global majors.HMM said Bae, who became HMM's president and chief executive last month, will meet this week with executives at A.P. Moller-Maersk A/S and Mediterranean Shipping Co.First of all, Bae plans to visit the European headquarter of HMM, located in London, to encourage its employees and make sales strategies based on the character of each region after gathering the various opinions from the site.Furthermore…
HMM Names Jae-hoon Bae As New CEO
South Korean container line Hyundai Merchant Marine (HMM) has announced that its board of directors had approved the hiring of Jae-hoon Bae as president and chief executive officer (CEO).The CEO recommendation committee led by Korea Development Bank, selected Bae as the final candidate for the next HMM CEO following a comprehensive candidate examination.Before his formal appointment, Bae came to the office to meet HMM’s senior executives and thoroughly checked current and future business conditions for the company.HMM official said in a press statement…
HMM Intros Scrubber Installation Fund
South Korean shipping company Hyundai Merchant Marine (HMM) announced that it has signed a memorandum of understanding (MOU) to establish a win-win fund for scrubber installation in preparation for IMO 2020 and to seek cooperation in the shipping-related industries.The total investment amount will be KRW 153.3 billion (USD 135.8 million) which consists of HMM’s investment of KRW 46 billion and the rest of the amount of KRW 107.3 billion (including Korea Ocean Business Corporation’s…
HMM CEO to Step Down
Chang Keun Yoo, president and CEO of South Korea container line Hyundai Merchant Marine (HMM) has decided to resign from his position next month.Chang-Keun Yoo has been Chief Executive Officer and President of Hyundai Merchant Marine Co. Ltd since April 02, 2013 and serves as its Chairman of the Board. Yoo served as an Executive Vice President of Hyundai Merchant Marine Co. Ltd., and Head of HMM Europe Ltd.According to a report in WSJ, he has offered to resign after months of being under pressure from its top creditor to quit over failures in its turnaround.
HMM Becomes Co-owner of Pusan New Port
South Korean carrier Hyundai Merchant Marine (HMM) announced that it has acquired joint ownership of PSA Hyundai Pusan New-port Terminal (PHPNT) in Busan.Yuanta HPNT, a company jointly established by the shipping liner and Singaporean shipping company PSA, signed a contract to purchase Waska, which holds a 50-percent stake in the terminal at a a ceremony attended by Young-Choon Kim (Minister of Oceans and Fisheries). With the acquisition, HMM regains operational control over the terminal."This sales contract includes that the private equity fund, Yuanta-HPNT will acquire stakes of Waska Inc.
Port of Oakland Hails Shipping Lines, Terminal
Two shipping lines and a marine terminal operator are leading the clean air charge at the Port of Oakland. The Port this week honored ocean carriers MSC and Hyundai Merchant Marine for 100 percent deployment of shore power-ready vessels. It recognized Oakland International Container Terminal for connecting more than 750 ships to shore power in 2018.“Shore power is the best way to meet the Port’s clean air goals and reduce the impact of global containerized trade on our neighbors…
Drewry Predicts Better Freight Rates and Profits
The shipping industry’s supply-demand balance will benefit from a reduced appetite for Ultra Large Container Vessels (ULCVs) among the major carriers, some of which now have their eyes fixed on a bigger prize of becoming global logistics integrators, said Drewry.Simon Heaney, senior manager, container research at Drewry and editor of the Container Forecaster said: "Aside from feeder ship replenishment, there has been no reaction from other lines to Hyundai Merchant Marine (HMM)’s…
HMM to Take Control of Busan Terminal
The number one Korean national containers carrier Hyundai Merchant Marine (HMM) and Singapore-based terminal operator PSA International have secured complete ownership of the Hyundai Pusan New-Port Terminal (Pier 4) in the Port of Busan, South Korea.The container carrier sold off its majority ownership in PSA Hyundai Pusan New-Port Terminal Co in 2016 due to liquidity trouble.According to a report in Pulse, HMM will acquire 50 percent plus one share in PSA Hyundai Pusan New-Port Terminal through a private equity fund…
Hyundai Merchant Marine to Say Good Bye to 2M Alliance?
South Korea's largest shipping firm Hyundai Merchant Marine (HMM) is likely to part ways with the 2M Alliance which will expire in April 2020 and join a new ocean alliance said a local media report.According to a report in Business Korea, the 2M Alliance (consists of Maersk Line and MSC) is disadvantageous to HMM as it is not a full member of the alliance. HMM's status fell as the 2M Alliance inked a partnership deal with Israel's Zim Integrated Shipping Services, the report…
Hyundai Merchant Marine Loss Grows in Q3
South Korea's largest shipping firm by sales Hyundai Merchant Marine (HMM) said that its operating loss in the third quarter increased to 123.1 billion won (US$108.65 million) from 29.5 billion won in the same period last year.According to the company, the net loss widened due to unfavorable market conditions and high fuel costs.According to Yonhap, the net loss reached 166.7 billion won (US$146.7 million) in the July-September period, compared with a net loss of 60.3 billion won during the same period last year."Bunker fuel prices reached $445 per metric ton in the third quarter…
Hyundai Merchant Marine Mulls Fleet Capacity of 100 million TEUs by 2022
The South Korean container carrier Hyundai Merchant Marine (HMM) has chalked out an ambitious blueprint for expansion.The ocean carrier's CEO C.K. Yoo presented HMM’s target of building up its capacity to 100 million TEUs and posting USD 10 billion in annual revenue by 2022, during an employees gathering at HMM HQ in the Seoul office.HMM recently ordered twelve 23,000 TEU and eight 15,000 TEU eco-friendly mega vessels in preparation for the IMO’s sulfur regulations starting from 2022…
South Korea's SK Group to Sell SK Shipping
South Korea's large family-owned business conglomerate SK Group is planning to get out of shipping by offloading shipping subsidiary SK Shipping Co., on account of the debt burden amid an industry slowdown.According to a report in the Pulse, SK Holdings Co., the holding entity of SK Group, is reportedly seeking to sell a majority of its stake in SK Shipping to local private equity firm Hahn & Co. for an estimated 1.5 trillion won ($1.3 billion).Hahn & Company is said to be reviewing…
Hyundai Merchant Marine to Spend $2.8 Bln on 20 Containerships
South Korea's largest shipping line Hyundai Merchant Marine (HMM) said it will invest 3.153 trillion won ($2.84 billion) for 20 new large containerships to be delivered by June 2021.In June this year, the company signed letters of intent for ship orders with South Korea's top three shipbuilders Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries.DSME and Samsung will build seven and five 23,000 TEU vessels respectively, which are expected to deliver in the second quarter of 2020.
Hyundai Merchant Marine Cargo Processing at Busan Port Hits Record
Hyundai Merchant Marine (HMM) announced that its cargo processing at Busan Port for January to July 2018, has hit a new record.Processed cargo during the first seven months of this year reached 1,157,980 TEU, an increase of 14.3 percent year-over-year.For the volume of exports and imports has recorded 608,872 TEU, a soaring 14.1 percent year-over-year.Also, the transit cargo volume increased from 473,341 TEU to 541,926 TEU, up 14.5% year-over-year.HMM attributed the performance to its service & volume reliability…
Diana Containerships TC Contract for m/v Pamina with HMM
Diana Containerships announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina.The global shipping company specializing in the ownership of containerships said that the gross charter rate is US$11,950 per day, minus a 5% commission paid to third parties, for a period of minimum eight months to maximum 12 months.The charter will commence on August 24, 2018.
Diana Containerships Announces Time Charter
Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Hyundai Merchant Marine Co., Ltd., Seoul, for one of its Panamax container vessels, the m/v Pamina. The Pamina is a 5,042 TEU container vessel built in 2005.The gross charter rate is $11,950 per day, minus a 5 percent commission paid to third parties, for a period of minimum eight months to maximum twelve months. The charter will commence on August 24…
Boxships Buffeted by Competing Calamities
Overcapacity, Fleet Supply, Weakened Earnings, Consolidation – and now – fears of trade wars fuel further uncertainties for an already unsteady boxship climate. MLPro’s Barry Parker digs in to get to the bottom of all of it.The report season for 2018 Q1 corporate results saw an “earnings miss” (reported earnings below consensus forecasts of analysts) for the bellwether of listed container equities, A.P. Moller (APM), with its largest portfolio holding being Maersk Line. In a media telephone interview…
Hyundai Merchant Marine Joins NYSHEX
The New York Shipping Exchange (NYSHEX), the innovator of the first reliable digital forward freight contract for global container shipping, announced the addition of Hyundai Merchant Marine (HMM) as the newest carrier member to join the exchange.HMM joins a group of innovative carriers – Maersk Line, CMA CGM, Hapag Lloyd, OOCL, and COSCO – who have embraced the value of digital contracting and fully enforceable ocean freight contracts as a new offering for their customers. Model introduced by NYSHEX that is proven by a 99.8% fulfillment rate…
Hyundai Merchant Marine Launches China-Australia Express Service
Hyundai Merchant Marine (HMM) announced that it is launching a new China-Australia express service, under the name ‘A1X (Australia No.1 Express) with carriers Evergreen and APL. The A1X service covers the ports of Ningbo-Shanghai-Yantian-Sydney-Melbourne-Brisbane from August 17 starting its first service at Ningbo on the vessel Hyundai Supreme.Previously, HMM provided the service through a slot purchase from Maersk, MSC, ONE and Hamburg Süd.For the new service, a total of five Panamax (4,600TEU) vessels will be deployed.
Hyundai Merchant Marine Selects 3 Yards to Build Eco-Friendly Mega Containerships
Since HMM sent out a Request for Proposal (RFP) to shipbuilding companies on April 10, HMM has considered all the conditions for newbuilding including delivery date and price of new ships suggested by shipbuilders, and finally selected three shipbuilders to sign a Letter of Intent (LOI) for 20 new vessels. First, HMM chose Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries (SHI) for seven and five 23,000 TEU containerships respectively which are expected to deliver in the second quarter of 2020.
New Hyundai Container Service Serves Hamburg
The Korean container shipping company Hyundai Merchant Marine (HMM) has started a new, independent Asia-North Europe service in April. The first vessel of the AEX service to call at Eurogate Container Terminal Hamburg on 12 May was ‘Hyundai Forward’ with a capacity of the 4,700 TEU. A total of ten units of these comparatively small Panamax container ships will rotate weekly between Busan (Korea), Shanghai (China), Ningbo (China), Kaohsiung (China), Yantian (China), Singapore, Colombo (Sri Lanka)…
Mori Named Sales Manager at APS Stevedoring
Long Beach based stevedoring company APS Stevedoring LLC announced the appointment of Nick Mori as its manager of sales and marketing.Reporting to President John Hering, Mori will be focused on customer service, rate negotiations, promoting the company, and acquiring new business for APS Stevedoring.Mori began his maritime career in 1989 with Mitsui OSK Line, holding positions in pricing and marketing. He transferred to Hyundai Merchant Marine’s pricing department in 1994 in order to remain in Southern California.