Hyundai Merchant Marine seeks to become global top 5

Hyundai Merchant Marine (HMM), the nation’s largest shipping company, has vowed to become a global top-five firm in the sector.

On Friday, HMM celebrated the 41st anniversary of its founding at the company’s headquarters in Jongno-gu, central Seoul, where some 600 employees and executives, including CEO Yoo Chang-keun, participated.

“The company carried out an excruciating restructuring process last year to revive,” Yoo said. “It set the stage for the company to hit the bottom. This year, HMM will be reborn as a new company.

“In the Confucian Analects, the age of 40 is called Burhok, which refers to the age a man should resist temptation and tell right from wrong. HMM has also been through a number of difficulties and obstacles for the last 40 years. And then, the company is now cornering another year to celebrate its 41st anniversary. One means a new start. Let’s not forget where we first started and make our new company a global top five.”

He said that how the company spends this year will determine its future.

“HMM is blessed with talented manpower with experience,” Yoo said. “If we continue strengthening our global networks and sales capacity, it won’t be difficult to become a global top five in the near future.”

Yoo was appointed HMM’s CEO in September on the recommendation of the company’s executive committee.

It was his second tenure — Yoo served in the post for a year from March 2013.

HMM completed a bailout program last July. It included a painful restructuring process to evade bankruptcy after raising sufficient liquidity, renegotiating charter fees and rescheduling bond repayments.

As part of the restructure, creditors wanted a new management team to get HMM back on track and Yoo was elected for his broad understanding and reputation as an expert in container shipping.