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Companies in search of new frontiers

HMM to invest 11.4 billion over 5 years

by Port News Editorial Staff

Hyundai Merchant Marine is to invest $11.4 billion in its own development over the next five years.

The South Korean company announced it in a press release, pointing out  that 7.6 billion dollars will be invested in the acquisition of terminals and other facilities and renewing its fleet, with new vessels capable of running  on alternative fuels. By 2026, the shipping line, already the world’s sixth largest container carrier, plans to expand its capacity from the current 820,000 TEUs to 1.2 million TEUs.

The remaining $3.8 billion will be used for unspecified future projects with a view to  diversifying the carrier’s activities.

HMM, which closed its first quarter reporting a net profit of 2.4 billion dollars, intends to set important new goals for the future. HMM CEO Kyung Bae Kim said that their strategy is to ensure the company’s continued growth.

Translation by Giles Foster

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