Original news was published 06 November, 2017

KOREAN shipping giant Hyundai Merchant Marine (HMM) is reportedly ordering 20,000-TEU ships to boost competitiveness against its larger peers, according to a South Korean news site.

MTN claimed that the orders could be placed in March 2018 for delivery in 2021. By then, HMM's fleet would be increased from an aggregate of 350,000 TEU to 600,000 TEU.

A spokesman for HMM told London's IHS Fairplay that the company had yet to decide on ordering newbuildings, having already ordered five big oil tankers and two 11,000-TEU ships this year.

The biggest ships in the HMM fleet are 13,000 TEU. There is therefore concern that HMM could lag behind its competitors.

Mid-October, HMM sold shares to raise US$614 million for newbuilding plans and recently placed firm orders for five big crude carriers, with options for another five tankers, with Daewoo Shipbuilding & Marine Engineering.

The company also ordered two 11,000-TEU ships from Hanjin Heavy Industries & Construction.

MTN reported that the proceeds from the share sale are expected to be partly used to finance HMM new series of newbuildings.

*NEWS SOURCE