Hyundai Merchant Marine Launches New Corporate Identity
Hyundai Merchant Marine (HMM) has launched a new corporate identity. The blue HMM letter embodies the shape of the front of a large ship crossing the ocean, and the red line on top represents the rising sun on the horizon where the ship is sailing.
HMM CEO Jae-hoon Bae said, "It is memorable and meaningful for HMM to introduce its new corporate identity today, which is expected to elevate the brand equity and value of the company. Based on the strong dedication and willpower that all employees have demonstrated, HMM will make a fresh resolution to become a global top-rated carrier in 2022.”
Last October, HMM had presented its target of expanding fleet capacity to one million TEU and posting $10 billion in annual revenue by 2022.
Bae was appointed President and CEO in March this year.
HMM has continued to post losses despite higher revenue and rising volumes. Late last year, the line cited high bunker prices and low freight rates for the poor quarterly performance. HMM lost about $165 million in the third quarter - less than the $240 million it lost in the second quarter, but much more than the $40 million it lost during the same period in 2017.
In September last year, HMM ordered 20 mega container ships, including 12 of 23,000-TEU capacity and eight of 15,000-TEU capacity. With these vessel deployments in 2020, HMM expects that fixed costs will significantly decrease, fuel efficiency will largely improve and that bunker costs will moderately decrease through installed scrubber systems for compliance with IMO 2020 environmental regulations.