HMM plans to transport 2 million TEU next year

HMM (Hyundai Merchant Marine) will strengthen its container ship transportation business next year by increasing its transportation goal to 2 million TEU, 7% above this years' amount.
HMM held a '2004 management strategy meeting' with 16 overseas headquarters, residents of 60 overseas branches and domestic officers and staff from November 8 to 11 at the head office to discuss management strategy for next year. An official from HMM said, "We expect that container cargoes will increase owing to advanced countries economy recoveries, like the U.S., so we increased our container transportation goals," and added, "We expect that actual rate of increase for rates income will greatly exceed the rate of increase for transportation volumes because of additional rates restorations next year."
HMM stated plans from the meeting aim for practicality. First, HMM will enter a 4,700 TEU class container ship into an Asia~ North America service and open a new service connecting North America and major ports like Shanghai Port in China. They plan to transport 0.98 million TEU with this service, about 13% higher than this year.
Meanwhile, HMM will decrease expenses and aim for maximum gains.
President Noh Jeong Ik said, "Improvement of expense structures is the most important thing to create gains and to continue safe growth during slow times."
To this, HMM decided to expand investment for IT to interconnect all business fields.
HMM plans and numbers are based on the assumption that they will have transported 1.86 million TEU by years end, an increase of 9.7% over last year's 1.70 million TEU.