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HMM enters newbuilding contracts with 2020 in mind

11 Apr 2018

Hyundai Merchant Marine (HMM) intents to order 20 vessels that will be ready to comply with the International Maritime Organization (IMO)’s 2020 0.5% sulphur cap policy, as part of the South Korea ‘Five Year Plan for Rebuilding Korean Shipping’ plan.

It has sent out a Request for Proposal (RFP) to shipbuilding companies on April 10 to build twelve above 20,000 TEU and eight 14,000 TEU vessels that may be respectively deployed in the Asia-North Europe and US East coast trades.

“To comply with the new environmental regulations, HMM will opt for scrubber installation or LNG (liquefied natural gas) bunkering for all the newbuilding vessels after thorough discussions with the finally selected shipbuilder,” it says.

“Through the acquisition of the most technologically advanced mega containerships, we can strengthen cost competitiveness and react rapidly to the international environmental regulations.”

Along with the fleet expansion, HMM also intends to set a new mid-long term plan to enhance its global competitiveness by boosting its organisational capability, developing shipping-related IT technology, and expanding global networks.

It has focused on securing financial liquidity through a KRW 4 billion ($3.7 million) restructuring plan by including sales of controlling stake in affiliates and other property.

“Today's announcement begins a new era for HMM. In the very near future HMM can be leading the industry with eco-friendly technology advanced ships and systems,” says Lawrence Burns, Senior Vice President of Trades at HMM.

“Now is a good time for customers and service providers to be partnering with HMM.”

Photo credit: Hyundai Merchant Marine
Published: 11 April, 2018


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