South Korean shipping line Hyundai Merchant Marine has revealed plans to construct 22,000 TEU containerships in 2018 to boost its competitiveness within the global shipping sector.
The revelation was made this week by HMM President & CEO, C.K. YOO, during the company’s 2018 strategy meeting, intended to map out growth strategies for the coming year.
“This will be the mega-ship building project in accordance with the national expectation for being a leading shipping nation,” said YOO. “HMM is now located in the good position to be a world-class leading shipping company by overcoming new environmental regulations starting from 2020.”
Hyundai Merchant Marine became South Korea’s top shipping line following the collapse of Hanjin Shipping in the second half of 2016, but as the world’s 14th largest carrier it has struggled to stay competitive among the top carriers and shipping alliances.