HMM holds strategy meeting for 2006

HMM (Hyundai Merchant Marine) will expand its non-container vessel business by increasing the number of tankers it has from next year.

HMM held a meeting for its 2006 management strategy with 100 people attending, including President Roh Jeong Ik, head office staff, and local representatives from the U.S., Europe, and Asia between December 5 and 7. In the meeting they discussed operation strategy for non-container vessels and other business for next year and also decided on detailed plans.

President Hyun Jeong Eun in a lunchtime meeting on December 5 said, "A role of HMM, a primary collateral firm, would be important to improve Hyundai Group," and added, "I ask you all to make management strategies for the New Year as we will meet our 30th anniversary in 2006."

HMM will expand its tanker service, and expects good demand for the mid and long term.

On November 9, it put a VLCC (Very Large Crude oil Carrier), the 'Universal Queen', in a crude oil route connecting the Middle East and North America. It will expand tanker service operations through continuous vessel additions after delivering the 'Universal Crown' on the 22nd of this month.

Meanwhile, HMM plans to expand non-container business including its private vessel business for LNG services and tramper bulk services for stable growth.