South Korean shipping company Hyundai Merchant Marine (HMM) has extended the term of its Chief Executive Officer (CEO) C.K. Yoo. until 2021.
“All employees of HMM – with a sense of great duty and mission as the only national ocean carrier – will give our all to leap forward as one of the top global shipping carriers.”
“We believe that HMM will gain great cost-competitiveness and strengthen its sales power,” Yoo said.
The term extension is being reported in the light of the company’s 42nd regular shareholders’ meeting held at the HMM’s headquarters in Seoul.
Yoo is expected to resume the company’s fleet renewal campaign which has seen HMM order construction of five very large crude carriers (VLCC) last year at DSME and acquire two 11,000 TEU containerships.
Earlier this week, the company announced it had secured USD 420 million to finance the construction of the quartet.
As announced by Yoo in January, the company intends to double its vessel capacity by 2022.
As part of the plan, HMM revealed an investment in the construction of 22,000 TEU newbuilding that is expected to be formalized shortly.
Furthermore, the company has launched a digitalization of its operation via a switch to a Cloud-based next-generation system, planned to be completed by 2020.
Image Courtesy: HMM