HMM strengthening to post shipping competitiveness

Having drawn out of the Mt. Kumkang tour business at the end of last month, Hyundai Merchant Marine (HMM) is focusing on the Middle East and Southwestern United States services, and is looking to expand its sales activities.

According to HMM July 16, it is kicking off a service between China and the Middle East beginning July 21. This new service is operating through chartering slots from container ships that P&O Nedlloyd and NYK have operated together.

HMM also increased services and capacities in an Indian route where it has operated alone, and organized a consortium with MOL in Japan, ACL in Singapore and SSL in India.

In North American trade, it completed the replacement of five vessels with five 6,500 TEU vessels at the end of last month.

In addition, HMM held several meetings, which included overseas branches, in order to establish new management strategies and foster greater internal cooperation.

The Asia Management Strategy Meeting held June 25 to 27 in Seoul and the Container Global Management Strategy Meeting held July 10 to 11 in Dallas focused mainly on new market development, sales reinforcement and cost savings plans.

A source at HMM said, "We are now intending to concentrate on strengthening shipping competitiveness now that we have withdrawn from the Mt. Kumgang tour business. We are planning to grow to be the largest comprehensive logistic group in the world by 2011."