Hyundai Merchant Marine buys 13,100 TEUs containerships

Hyundai Merchant Marine received the container vessel that the company first purchased directly since 2008. The container vessel can carry 13,100 TEUs (1 TEU equals one 20-foot container), the largest among container ships in Korea. Since the global financial and economic crisis started in the United States, Hyundai Merchant Marine had rented vessels, but has procured a large size vessel in preparation for economic recovery.

At the naming ceremony held at the Okpo yard of Daewoo Shipbuilding & Marine Engineering in Geoje City, South Gyeongsang Province on the day, Hyundai Group Chairwoman Hyun Jeong-eun served as the godmother for the first time since her inauguration. A godmother is the person who names a vessel and prays for the best of luck for the ship. Hyun named the ship "Hyundai Dream," and said, “The shipping industry is experiencing a difficult time, but Hyundai Group and Hyundai Merchant Marine will achieve the dream of a new leap forward through the Hyundai Dream without fail.”

Korea`s No. 2 shipping company will be received five 13,100 TEU-class container vessels, including Hyundai Dream, this year and deploy them to the Asia-Europe route.

Hanjin Shipping will also get delivery of three 4,600 TEU-class container vessels from last year to this year.

Hanjin Shipping and Hyundai Merchant Marine, ranking first and second in the Korean shipping industry, are increasing the number of vessels in their ownership in a bid to secure economy of scale to prepare for recovery of the economy.