HMM aiming at 5% global market share by 2021
Hyundai Merchant Marine (HMM) has declared that it intends to take 5% of the global market share by 2021.
In a recent announcement, the company outlined its intention to achieve this through various measures.
HMM said it would concentrate on boosting cost-competitiveness by primarily focusing on the Asia-US route as well as raising wet bulk carriers rather than dry bulk carriers.
The line also aims at focusing on acquiring more terminals, said an official so as to hit a 5% operating margin and garner a 5% share of the global shipping market by 2021.
The official added that It will not, however, be engaged in overly active fleet expansion. HMM will also be looking at ways to optimise costs through the use of fuel-saving devices and more environmentally sustainable vessels, the official said.
He added that "To become the winner in global competition, the company will focus on raising revenues and operating profits, and improving service quality in the next two to three years.”
He also went on to say that "In the medium and long run, the company will become a shipper specialised in the US and Asia lines, based on its past experience of making up 5 to 6% of global market share."
It has also emerged that the Korea Development Bank, HMM’s creditor, has promised to pump just over won 300 billion (USD 250 million) into the company.
Tag Keyword: Hyundai Merchant Marine , Global Market , Share , Fuel , Vessels