HMM upgrades fleet

Hyundai Merchant Marine is planning to purchase two additional 4,700 TEU container vessels following its recent 5,700 TEU container vessel order.

According to the JOC (Journal of Commerce) on June 12, HMM is scheduled to deploy the 5,700 TEU container vessel capable of 25.6 knots in Asian and European trade in the first half of 2003.

A spokesman at HMM said to the journal, "We conclude that this is the right time to invest in this field, the container market, and build ourselves as globally competitive. We expect this market will have a bright future in the long term."

HMM agreed to submit a self-rescue plan, which will focus on debt reductions with creditor organizations last week. It also announced that it will concentrate on the shipping industry and break out of the Mt. Kumgang tourism business, the main cause of the company's insolvency.