HMM forms new corporation in India

Hyundai Merchant Marine (HMM) established a corporation in India and is the first domestic shipping company to do so there.

According to HMM, it held an opening ceremony for Hyundai Merchant Marine India Private Ltd., in Mumbai, India and started operations on July 16.

At this ceremony, 150 people attended including members of the Indian shipping business community, president Roh Jeong Ik, Consul General Oh Byung Sung, KOTRA Mumbai director Yun Hyo Chun. The event promoted success for the new corporation and afterward a reception was held.

HMM put 100 employees including resident officers at branch offices in Delhi, Chennai and Neva Sheva. They will operate vessel operations, attracting cargoes, equipment management and process shipping documents.

HMM has expanded its business network to transport container cargoes since it opened a branch office in Mumbai in 1995. Earlier this year, they sent out an additional resident official to increase bulk cargo operations.

They have operated connecting between India and China jointly with Taiwan-based Evergreen and Singapore based Samudera Shipping Line with five 1,000 TEU vessels since May. HMM expects that it will handle 150,000 TEU containers, an increase of 100% as compared with its 70,500 TEU of last year, and strengthen its establishment of the new corporation.

President Roh said, "India will develop as a powerful international economy in the very near future. We set up this corporation to preoccupy the market before cargoes to and from India increase in earnest, so India is a 'blue ocean' to us."

Meanwhile, HMM has 4 headquarters for the U.S., Europe, China and Southeast and Southwest Asia. Also it has 23 overseas corporations and 6 branch offices.