HYUNDAI MERCHANT MARINE CO., LTD.
A Gateway to the GlobeHMM Annual Report 2007
Contents04 _ A MESSAGE FROM THE GROUP CHAIRMAN 06 _ A MESSAGE FROM THE PRESIDENT & CEO08 _ HMM 2007 TOP FIVE NEWS
CHANGING THE WORLD MOVING THE WORLDCONNECTING THE WORLD
HMM SERVICE FEATURES18 _ Container Service20 _ Gas Carrier Service22 _ Tanker Service24 _ Tramper Service26 _ Bulk Liner Service28 _ Project Cargo Service29 _ Terminal & Logistics Service -Ⅰ. Intermodal Service 30 _ Terminal & Logistics Service -Ⅱ. Terminal Service
STRETCHING ACROSS THE GLOBE34 _ HMM America36 _ HMM Europe38 _ South-East/West Asia40 _ HMM China42 _ HMM Japan43 _ HMM Hong Kong44 _ HMM Taiwan
COMPANY DATA46 _ Financial Statements 48 _ The Board of Directors & Major Shareholders49 _ HMM’s Development52 _ Managing Staff54 _ Fleet List56 _ Management Organization58 _ Headquarters & Global network
Beginning with three VLCCs in 1976, HMM has
strengthened its competitiveness to advance into
new services such as tanker, bulk carrier,
tramper, container ship, gas carrier and special
product carrier. HMM also has an overseas global
network consisting of 4 regional headquarters,
26 subsidiaries and 75 branch/overseas offices.
Who we are...
HYUNDAI MERCHANT MARINE CO., LTD.
Superior Service with a Touch of ClassThe global reach of HMM’s network means that we are able to serve our customers wherevertheir business may be. With an impressive fleet, container terminals in key locations, and aworld-class IT system, we provide a truly seamless customer experience.
04 _ A MESSAGE FROM THE GROUP CHAIRMAN
06 _ A MESSAGE FROM THE PRESIDENT & CEO
08 _ HMM 2007 TOP FIVE NEWS
SERVICE OF THE HIGHEST STANDARD
HMM’s fleet of over 130 ultramodern vessels, our vast globalnetwork, and our numerous routes crisscrossing the globe allow usto provide transport services of the highest standard. HMM’s container business is widely reputed as being the fastest andmost reliable in the world, and our LNG, tanker, and bulk fleet arealso highly competitive, the latter two being Korea’s largest.
DIVERSIFIED BUSINESS STRUCTURE
HMM maintains a balance between the container division and non-container division such as bulk, oil, gas, and ore/coal carriers. This ensures stable earnings that are able to grow regardless ofmarket fluctuations in specific business areas. HMM is building afirm foundation for stable growth and possesses a sound financialstructure with a debt ratio of 180%.
LEADING THE INDUSTRY THROUGH BOLD INVESTMENT
HMM is strengthening its mid and long-term competitiveness bysecuring leading-edge vessels, developing new routes, solidifyingour overseas network, and investing in areas such as terminals and IT. We are getting a leg up as we prepare for the future throughambitious investments, including in the largest container vessels in Korea, at 8,600 TEU.
DEDICATED TO REACHING A GLOBAL LEVEL OF EXCELLENCE
HMM has its sights set on leaping from representing Korea to becoming the world’s leadinglogistics company. Along with external growth, we are focused internally on establishing ethicaland transparent management. We aim as well for sustainable growth and are making every effortto secure our stature as a respected company.
A MESSAGE FROM THE GROUP CHAIRMAN
04----- ANNUAL REPORT 2007
HYUNDAI MERCHANT MARINE CO., LTD.-----05
Dear Stakeholders,
HMM, a core affiliate of the Hyundai Group, has year by year been developing by
leaps and bounds. Our competitiveness will be strengthened further through
this year’s large-scale acquisition of new vessels, while our expanding global
business network is anticipated to boost turnover. Internally, we are employing
various strategies to lock in stable profitability and thus become a reliable and
resilient company even through economic downturns.
Accordingly, in 2008 as well, HMM can be viewed as entrenching itself firmly as
a world class multi-modal transportation company.
In 2008, as the Hyundai Group of which HMM is a part embarks on its ‘positive
business development’ initiative, we shall concentrate efforts on both the
expansion of existing business and on penetration into new, high growth
potential business areas. In addition, we shall respond to the support our
customers and investors have shown us by being committed to management
that is transparent, ethical and trustworthy.
To all of you once again, we look forward to your continued invaluable support
for HMM and Hyundai Group.
Thank you.
May I first extend my deep appreciation to our customers and shareholders for their unstinting loyalty and encouragement.
Hyun Jeong-Eun
Hyundai Group Chairman
A MESSAGE FROM THE PRESIDENT & CEO
06----- ANNUAL REPORT 2007
Kim Seong-Man
President & CEO
HYUNDAI MERCHANT MARINE CO., LTD.-----07
Dear Shareholders and Customers!
As its new captain, I am committed to creating a new chapter for HMM by
articulating clear goals to our whole crew, a team that has been dedicated over
the years to achieving dynamic growth, both in good times and bad.
The shipping industry tends to be highly sensitive to the global business
environment. As such, it is crucial that we be responsive to changes in global
economic conditions and that we build a rock-solid and proactive management
system that delivers both quantitative and qualitative growth.
While emphasizing sales growth and the expansion of our facilities and
services, we shall equally be devoted to instilling transparent management
practices. I am convinced that, by bringing the same level of attention to each
and every minor goal, HMM’s long-held aspirations of becoming the world’s
best integrated logistics company will surely be realized.
I look forward to your continued support and encouragement in helping HMM
build a bright future.
Yours sincerely,
Since its founding in 1976, HMM has played a key role in Korea’s economy by providing shipping services for global clients through its large fleet of vessels.
08----- ANNUAL REPORT 2007
HMM 2007 TOP FIVE NEWS
1. Launched New Container ships
In 2007, HMM took delivery of six newcontainerships: three 6,800 TEU vesselsand three 4,700 TEU vessels.
The Hyundai Colombo and the HyundaiBangkok, both 6,800 TEU carriers, weredeployed on the Asia-Europe route inJanuary. One 6,800 TEU container ship,the Hyundai Jakarta, was delivered inApril, and subsequently the three 4,700TEU container ships - the HyundaiForward, the Hyundai Unity, and theHyundai Grace - were deployed on theAsia-East Coast of the U.S. route.
HMM has now finalised its mid andlong-term plans to secure a versatilerange of vessels to significantlyincrease its transportation capacity.
New container ships
and an expanded
overseas network
have enabled HMM to
embark on operating
new routes across
the globe.
2. Diversified Service Routes
During 2007, HMM launched a varietyof new service routes and reorganizedexisting routes. The CTX (China-Thailand Express) and the ACS (Asia-Chennai Service) started in April and inAugust respectively. HMM expectsthese new service routes to expandsales in growing Asian markets suchas Thailand, Vietnam, and India- aswell as in China.
HMM also launched routes betweenAsia and the East Coast of the U.S. withits TNWA partners and other shippingcompanies. TNWA began its SZX(SuezService) in early July, connecting India /Southeast Asia and the U.S. East Coast.Prior to this, it commenced an ESX(East Coast Savannah Express) servicewith the French shipping companyCMA-CGM in June.
In early November, TNWA began a newEBX Asia-East Mediterranean / BlackSea service with Hanjin Shipping andUASC. TNWA also upgraded its capacityand improved its port coverage bymeans of a major Asia-Europe servicebeginning in January 2008. These newservice routes will enable HMM todominate potential markets in theseareas.
HYUNDAI MERCHANT MARINE CO., LTD.-----09
3. Expanded Overseas Network
In 2007, HMM expanded its overseassales network by establishingsubsidiaries in Vietnam and Italy.
HMM opened Hyundai MerchantMarine Italy SRL. in Genoa on July 18,and established Hyundai MerchantMarine, Vietnam, in Ho Chi Minh Cityon July 29.
Both HMM Vietnam and HMM Italyhave been established as part of astrategy to develop new markets inAsia and Eastern Mediterranean, andthe Black Sea market in Europe.
Vietnam has shown a rapid increase incontainer volumes, and Italy has beenin the spotlight due to the Korea-EUFTA negotiation and Eastern Europe’seconomic growth. HMM is makinginroads to secure business in theseareas and to boost its competitiveness.
4. Selected to Develop RotterdamContainer Terminal
On July 17, HMM was awarded the rightto equip and operate the Maaksvlate 2container terminal in Rotterdam,Netherlands. HMM was part of aconsortium comprised of the NewWorld Alliance (TNWA) members[HMM, MOL, and APL] and the Frenchshipping company, CMA CGM. Alsoincluded was UAE’s terminal operator,DP World.
The new 156-hectare terminal will haveseven piers, a 1,900 meter long 20meter deep container terminal, and a550 meter terminal for coastal traffic.The terminal is expected to haveapproximately 4 million TEU capacity.HMM will operate the terminal for 25years from 2013 onwards.
The official signing ceremony was heldon September 17, in Rotterdam. HMMhas consequently secured a logisticsbase providing a fast, safe serviceunaffected by congestion.
5. Received Best Company Awards
HMM has been designated a ‘GlobalPartnership Carrier (GPC)’ by Japan’sSONY for four consecutive years. This isa result of SONY’s thorough evaluationof its logistic partners. HMM is the onlycompany in the world to attain thisstatus four years in row.
HMM has also received a ‘Quest forQuality’ award from LogisticsManagement, a U.S. logistics magazine,for seven consecutive years. Thisaward is based on a customer-satisfaction survey which consultedapproximately 6000 customers.
HMM continues to confirm its leadingposition and fine reputation in worldtransportation by continually beingselected as ‘best company’ by itscustomers.
Changing the world HMM is dedicated to becoming a premier multi-modal transportation
company that pioneers how transportation is done and that continually
strives to exceed customer expectations.
Moving the worldWith our expanding line of vessels and wide network, we are able to
transport both key raw materials and consumer goods across the globe.
Connecting the worldWith a worldwide network of offices, strategic acquisition of container
terminals, and rapid expansion into new trades, HMM has become a truly
integrated logistics company bridging the world.
Beyond the Blue Horizon-the WorldWith an eye on becoming the world’s premier integrated logistics company, HMMoperates in an impressive array of business areas. From door-to-door services totransporting the world’s most crucial commodities, HMM can truly offer full servicelogistics solutions.
STRIVING FOR BOTH GROWTH AND STABILITY
HMM operates a diversified line of businesses, including LNG carriers, tankers, bulk carriers andcontainer ships. With a ratio of container vs non-container service of 6:4, HMM boasts a stablebusiness structure able to withstand within-sector fluctuations.
HMM SERVICE FEATURES
18 _ Container Service
20 _ Gas Carrier Service
22 _ Tanker Service
24 _ Tramper Service
26 _ Bulk Liner Service
28 _ Project Cargo Service
29 _ Terminal & Logistics Service - Ⅰ.Intermodal Service
30 _ Terminal & Logistics Service - Ⅱ.Terminal Service
Sales
5.09Trillion Korean Won
HMM SERVICE FEATURES
We will continue to diversify our service portfolio byextending our reach to the Asia-Red Sea and Asia-SouthAmerica trades.
Container Service
18----- ANNUAL REPORT 2007
Container Service
We can consider 2007 to have beaten expectations, but with varying results by trade.Robust volume growth in the Asia-Europe and Intra-Asia trades, such as the Middle Eastand India, contributed to much improved results and made up for disappointingperformance in the transpacific trade. Cost pressures from both record breaking bunkerprices and inescapable rises in fuel surcharges were felt industrywide, and affected ourbottom line. We nonetheless managed to achieve 2.4 million in TEU lift volumes and 3.6billion U.S. dollars in sales revenue- up 10% in volume and 18% in turnover from theprevious year. This was in no small part due to our focus on the successful implementationof freight rate increases and effective yield management.
We also realized impressive accomplishments in terms of service diversification throughextended cooperation with partner carriers. By the end of 2007 HMM provided 56 serviceswith 48 HMM-operating vessels, or 307 vessels if partner carriers’ vessels are included.We expanded our global scope by introducing 13 new services across the Asia-NorthAmerica, Asia-Europe and intra-Asia trades. Moreover, we endeavored to rationalizevessel operations as part of our efforts to reduce costs further. To both meet current andanticipate future customer demand, relationships with strategic alliance partners werestrengthened in niche markets, as well as the larger main trades.
The liner industry will continue to face uncertainty in 2008. Although a stronger Euro hasprovided more purchasing power to EU countries, the demise of the conference system inEurope will lead the liner industry into uncharted seas. The growth of trades from theemergence of China and India as economic giants can only have a positive effect onindustry demand. On the less than positive side, the U.S. economy is forecast to head into afurther slump, coinciding with lower growth rates in many of the other main industrializedtrade countries. Adding to this and directly affecting our industry will be the rise of bunkerprices and the ill-timed introduction of new megaships.
Moving forward, HMM will continue to diversify our service portfolio by extending our reachto include the Asia-Red Sea and Asia-South America trades, with cascaded tonnagesavailable through the delivery of four 8,600 TEU and five 4,600 TEU vessels. Investmentswill be necessary for keeping our customers happy and our company growing. Ourinvestment plans include a new terminal at the Busan port, new logistics centers andbrand new equipment. These initiatives will further assist us in achieving our targets of 2.9million TEUs in lifting volume and 4.8 billion U.S. dollars in sales revenue for 2008.
Additionally, other innovative initiatives and supply chain solutions we offer and continue toimprove upon are e-commerce capabilities enhancement and concentrating more on yieldmanagement, the latter of which is expected to improve profitability through detailedfocusing on bunker cost recovery, balancing in/out volume and reducing operating costs.Our industry-leading excellence has made us a true leader in ocean transportation and willcontinue to drive us into the future.
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HYUNDAI BRAVE
8,600TEU
HYUNDAI MERCHANT MARINE CO., LTD.-----19
HMM SERVICE FEATURES
Gas Carrier ServiceSince HMM began LNG transportation in 1994, it has been thelargest such operator in Korea.
20----- ANNUAL REPORT 2007
Gas Carrier Service
Safe, Reliable and Efficient
HMM’s LNG carrier service was launched as Korea’s first in 1994. It was established onthe basis of a 20~25 year long-term contracts with Korea Gas Corporation (KOGAS), withthe first Korean flagged LNG vessel, “Hyundai Utopia”, importing LNG cargoes fromIndonesia. HMM now operates a total of nine LNG vessels (one on charter) transportingKOGAS cargoes on diversified routes between Korea, Indonesia, Malaysia, Qatar, andOman. Since HMM began LNG transportation in 1994, it has remained the largest suchoperator in Korea, transporting 5.6 million tons of LNG in 2007, which accounted forapproximately 22% of the total 25.5 million tons of domestic imports.
HMM also won the bid for KOGAS’s Joint Venture Company Project, which will transport3.5 million tons of LNG annually from Sakhalin and Yemen, starting in late 2008.Consequently, HMM secured an 18% ownership stake for four new LNG vessels, and a20 year-contract to operate one vessel (Yemen - Korea route) out of the four. This willprovide the company with stable long-term income. Given the continuous strongdemand for clean and efficient energy both in Korea and globally, the LNG marketcontinues to grow faster than any other segment of the shipping industry. HMM will playan important role by participating in new overseas LNG projects and will also developand improve its service capabilities, while closely cooperating with both domestic andoverseas customers.
LPG Carrier service was launched in Janary 2006 with the long-term chartered VLGC “DLCalla”. This vessel is now operated in the ‘spot market’ and provides high quality serviceto our customers. HMM will operate a total of 5 vessels (VLGC) in 2008 and will expand itsfleet in the future as the market requires. We are ready to provide the best service to ourwide range of customers around the world.
◉ LNG Service Routes
① Korea (Pyeongtaek, Incheon, Tongyeong) - Indonesia (Arun, Bontang)- Fleet : Hyundai Utopia, Hanjin Pyeongtaek, LNG Aquarius
② Korea (Pyeongtaek, Incheon, Tongyeong) - Malaysia (Bintulu)- Fleet : Hyundai Greenpia, YK Sovereign
③ Korea (Pyeongtaek, Incheon, Tongyeong) - Qatar (Ras Laffan)- Fleet : Hyundai Technopia, Hyundai Cosmopia
④ Korea (Pyeongtaek, Incheon, Tongyeong) - Oman (Qalhat)- Fleet : Hyundai Aquapia, Hyundai Oceanpia
◉ LPG Service Routes
① Korea (Pyeongtaek, Incheon) - Middle East (Ras Tanura, Ruwais etc.) ② Japan (Chiba, Nanao, Nigata etc.) - Middle East (Ras Tanura, Ruwais etc.) ③ Europe - Middle East (Ras Tanura, Ruwais, Yanbu etc.) ④ Med - Middle East (Ras Tanura, Ruwais, Yanbu etc.)⑤ USA - Middle East (Ras Tanura, Ruwais, Yanbu etc.)
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HYUNDAI COSMOPIA
135,000CBM
HYUNDAI MERCHANT MARINE CO., LTD.-----21
HMM SERVICE FEATURES
Tanker ServiceTanker service has been at the center of HMM’s business for thepast few years, and we aim to maintain our leading role.
22----- ANNUAL REPORT 2007
Tanker Service
Tanker service is one of the most prominent businesses at HMM. It has been at the center
of HMM’s business for the past few years, and we aim to maintain our leading role.
HMM’s tanker service is organized into three sections; dirty tankers, clean tankers,
chemical tankers and the research team. Our fleet comprises 26 dirty tankers, including
20 VLCCs, 12 clean tankers (4 LR2s, 8 MRs), and 4 chemical tankers. 10 time-chartered
new-builds are to be delivered by 2009. Currently about 45% of our vessels are in long-
term contracts and the remainder are operated in the spot market.
Each sector - even each individual vessel - can have different main business routes. VLCC
tankers that have long-term contracts with domestic and foreign companies carry crude
oil from the Middle East to the Far East and VLCCs committed to the spot market are
operated from the Middle East or West Africa to either the Far East or the West.
Smaller vessels, such as MRs and chemical tankers, are usually operated on short-haul
trips between Southeast Asia and the Far East. Substantial revenue has been generated
as the fleet has expanded and this striking success has enabled HMM to post new staff to
both London and Singapore.
The London office is now responsible for the Suezmax business, while all chemical tanker
business is managed by the Singapore office.
In 2008, tanker service will focus on acquiring more vessels for long-term contracts and
on reducing spot exposure as protection against uncertainties within the market.
We thus believe HMM is approaching its goal of becoming one of the most reputable and
respected companies in the world. We are constantly ready to offer the ultimate service to
customers around the world.
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UNIVERSAL QUEEN
310,000DWT
HYUNDAI MERCHANT MARINE CO., LTD.-----23
HMM SERVICE FEATURES
Tramper ServiceHMM’s tramper service offers flexible, reliable, professional servicethat efficiently accommodates a wide range of customer needs.
24----- ANNUAL REPORT 2007
Tramper Service
HMM’s tramper team is committed to providing highly efficient and safe services to meeta variety of customer needs.
Cape/Panamax Team
The Cape/Panamax team provides worldwide dry bulk transportation services, such as forcoal, iron ore and coke, by owned and chartered vessels ranging from 60,000 MT to200,000 MT DWT. It will look to strengthen business ties with current customers anddevelop valuable new business partners. We will also increase the share of long-termcargo contracts to enhance business stability as well as increase the share of long-termperiod tonnages in order to provide more efficient services to customers. We are planningto expand business in the strengthening Pacific market, as well as in the Atlantic market.The Cape/Panamax team has been adjusting effectively to the rapidly changing businessenvironment while also maintaining favorable business relationships with manycustomers all over the world. We are committed to providing the most professionalservice to customers by leveraging our accumulated know-how.
Handy/Handymax Team
The handy/handymax fleet offers high quality services for transporting bulk cargoes suchas fertilizer, iron ore, coal, cement, grain, sugar, scrap, petcoke, sulphur, etc.Approximately 40 owned and chartered vessels ranging from 20,000 MT to 60,000 MTDWT are engaged in this trade. Since pioneering the bulk cargo transportation in theshipping industry, the handy/handymax team has established valuable relationships withclients all over the world. Strengthening these relationships is a top priority and we willkeep trying to develop further business with them. We will also make every endeavor tomaintain our fleets at a profitable level by utilizing our own tonnages and by the timelysecuring of long and short term chartered tonnages.
We will extend our effort to develop front-haul cargoes, especially through thedevelopment of both C.O.A. cargoes and spot cargoes to develop business in theAtlantic/Indian/U.S. West Coast area. Having cargo- and area- specialized teams allowsus to meet the ever-changing and growing needs of our customers and effectively copewith the volatile dry bulk shipping market.
Dedicated Tonnage Team
A dedicated fleet is also engaged in the transportation of iron ore, coal and steel productsexclusively for “Korea South-East Power Co., Ltd”, “Korea East-West Power Co., Ltd” and“POSCO” on 15 to 20 year contract terms. The fleet consists of 10 ore/coal carriers and 1steel product carrier.
The team plans to expand from transportation of iron ore, coal andsteel products into overseas steel mills and power plants. Its variety ofknow-how accumulated over 20 years can satisfy customers’ manyneeds, from ship finances to the safe transportation of the cargo.
Service Routes of the Tramper Team
The main service routes encompass Australia, Southeast and FarEast Asia, Europe, North and South America and the Middle East.
- Coal service routes : 1, 2, 3, 4, 5, 12, 14- Iron ore service routes : 4, 7, 8, 9, 11, 12, 13- Grain & other products service routes : 6, 10, 14, 15, 16
HMM’s Tramper service offers flexible, reliable, professional servicethat efficiently accommodates a wide range of customer needs.
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HYUNDAI CONTINENTAL
200,269DWT
HYUNDAI MERCHANT MARINE CO., LTD.-----25
HMM SERVICE FEATURES
Bulk Liner ServiceThe Bulk Liner Team is doing its utmost to provide more satisfactoryservices to our customers through the continued operation of traditionalroutes and through the early stabilization of new service areas.
26----- ANNUAL REPORT 2007
Bulk Liner Team
Introduction
The HMM Bulk Liner Team began in 1978 with the first steel service to the Middle East.
We have provided liner service with transportation mainly of various steel cargoes and
plywood to 13 routes worldwide, with capacities ranging from 10,000~40,000 DWT of
handy size and 40,000~50,000 DWT of handymax size to 50,000~55,000 DWT of super
handymax size.
Our staff strives not only to conduct business with domestic and overseas manufacturers
and trading companies, but also to conduct ship chartering in order to secure ships for
successful delivery.
Service details
HMM provides 8 main service routes between South Korea/China/Southeast Asia and
USA/Europe/Asia/Middle East, and has pioneered service lines within the Black
Sea/India/China regions since 2004. We have established local offices in China, Europe
and India as well as in Korea and Southeast Asia in order to strengthen and expand our
business in these regions. We carry over 200 voyages annually and as much as 3.5~4
million tons of general cargo through chartering various kinds of vessels.
Strengths
We have maintained stable service lines through our long held relationships with
international customers, and have met these customers’ needs by providing premium
shipping service through our excellent knowledge of shipping and experienced cargo
stowage plans. We have also always strove for the safe operation of vessels to hit our
target of zero cargo claims.
In confronting the current rapidly changing shipping market, the Bulk Liner Team is
doing its utmost to provide more satisfactory services to our customers through the
continued operation of traditional routes and through the early stabilization of new
service areas.
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HYUNDAI TREASURE
48,821DWT
HYUNDAI MERCHANT MARINE CO., LTD.-----27
Project Cargo Service
Service Details & Future Plan
Hyundai Merchant Marine Co., Ltd. (HMM) carries project cargoes for Sohar Arometic
project, Kayan project, Shell Pearl GTL project. Utilizing that experience, HMM began
heavy-lift carrier service in 2007, the first such service in Korean shipping history.
Following our Far East-Middle East service, we aim to expand service worldwide by 2014.
To achieve that goal, we are presently operating one heavy-lift vessel for Far East-Middle
East service, the MV.Hyundai Jumbo, which has a lifting capacity of 200 MT, and have a
further sister vessel of the MV.Hyundai Jumbo delivered, which has the name
“MV.Hyundai Rhino”. We will also secure four vessels which have lifting capacity of
640MT will be deliverd from 2010.
Strengths
With a maximum speed of 19.4 knots, our ships provide on-time delivery and high
performance. Moreover, we also have experienced supercargoes that can provide safe
voyage. The combination of fast vessels and experienced, skilled supercargoes ensures
high quality service for our customers.
()
HYUNDAI RHINO,
HYUNDAI JUMBO
30,538DWT
Project Cargo Service
HMM SERVICE FEATURES
28----- ANNUAL REPORT 2007
Terminal & Logistics ServiceⅠ. Intermodal Service
Intermodal Service
HII, Block Train, Feeder & Barge Network
HMM and its partners in The New World Alliance (APL and MOL) cover most of the globewith direct container ship service to the world’s major container ports.
HMM’s container business provides door-to-door service by extending logistics servicesfrom ocean to inland, with its worldwide network safely and quickly delivering cargo fromorigin to destination. HMM utilizes to its advantage HII (Hyundai Intermodal, Inc.) in theUS, premium block train service in Europe, and various feeder and barge services in Asiato achieve superior logistics service. HII, HMM’s professional logistics group in the U.S.,provides the customer with Double Stack Train (DST) service, Transcon service(expedited, nonstop rail service) between Los Angeles and New York, and direct servicebetween Los Angeles and Atlanta. HMM offers valuable inland services that combine railand truck into one, and serves all major rail ramps in North America through exclusivecontracts with multiple rail carriers: BNSF, Union Pacific, Norfolk Southern, CSX,Canadian Pacific, and Canadian National.
In Europe, HMM provides guaranteed service (1 train= 68TEU) to Beneficial Cargo Owners(BCO) from European ports such as Rotterdam and Hamburg to inland areas (Slovakia,Poland, etc). HMM enhances shipper convenience with its Intra Europe Service, whichcarries finished products from Slovakia to Great Britain and other EU countries. In Asia,HMM uses its know-how and decades of experience in barge feeder service to provideshippers with an inland connection system. As the economies of Asia - especially China,India and Vietnam - continue to boom, HMM continues to increase investment in depots,container yards (CY), and other infrastructure. Within its existing logistics network, HMMis developing value-added inland intermodal service in response to customerrequirements. HMM operates a professional logistics group that designs and implementsvarious logistics schemes tailored to each shipper’s logistics needs.
HYUNDAI MERCHANT MARINE CO., LTD.-----29
HMM SERVICE FEATURES
Terminal & Logistics ServiceⅡ.Terminal Service
30----- ANNUAL REPORT 2007
CUT
California United Terminals is located in the Port of Long Beachin Southern California. CUT is renowned for its efficient serviceand superior location in the harbor, and has played an importantrole in the PSW area as HMM’s main gateway to/from Asia. Tomeet all environmental concerns and the needs of thecommunity, CUT is continuing to pursue all new environmentallyefficient technologies to reach our goal of becoming a greenterminal.
WUT
Washington United Terminals is located in the Port of Tacoma,Washington. WUT officially opened in April, 1999. Since itsinception, WUT has played an important role in the PNW area asHMM’s main gateway to and from Asia. WUT has designated afurther 23 acres of on-dock rail facilities, which can provide non-stop connections directly between vessel and rail for inland cargo.
KHT
Kaohsiung Hyundai Terminal has been an exclusive terminal forHMM Taiwan since 1996 and is located at Kaohsiung Port. KHT isrenounced as a high-value serviced terminal in Taiwan, and hasbeen given an award from Kaohsiung Port Authority (KPA) forincreasing volumes for 5 consecutive years since 2003. To copewith increasing container handling volumes, KHT has enlargedthe yard capacity in 2006 by purchasing one top-handler which iscapable of stacking empty containers and heightenedtranstainers.
RWG
Rotterdam World Gateway is located in Rotterdam, Netherlands.HMM was selected as one of its operators in 2007, along withother major maritime companies DPW, APL, MOL and CMACGM. RWG will open in 2013 as one of the most efficientterminals in Europe, with fully automated equipment.
Busan New Port
The Busan New Port is a world-class port with state-of-the-artfacilities, as well as a huge amount of space for a distributioncenter. HMM was selected as the terminal operator for Phase 2-2 at the Busan New Port in 2006. There can be no doubt that
HMM will offer more competitive service to our valuablecustomers given the role of the Busan port, the fifth busiest inthe world in 2007.
Yong-dang CY
The Yongdang CY service has played an efficient role in logisticsfor HMM since its beginning in 1999. Customer service is ourhighest priority and creating synergies with our clients allows usto ensure we are providing them with the highest level of qualityin drayage and cargo safety.
Eui-Wang Inland Container Depot (ICD)
Eui-Wang ICD, a wholly owned logistics facility of HMM, islocated in Eui-Wang, South Korea. Its total area is 48,701 sq.meter. and it has the role of being the main container depot forHMM in Gyeonggi Province. It is linked to Busan by rail.
Chang-Wan Depot
Chang Wan Depot, a subsidiary of Hyundai Merchant Marine(HMM), is located in the northwestern part of Hong Kong. It hasa total area of 13,936 sq. meter. Chang Wan has deployed 2 frontstacker for empty containers and one heavy-duty reach stackerfor laden containers. Daily movements are fully computerizedthrough a GIS System that is directly linked up with the HMMHead Office and with the Kwai Chung Terminal HMM OperationDepartment.
CDR Depot
CDR Depot, a subsidiary of Hyundai Merchant Marine (HMM), islocated in the southwestern part of the port of Hamburg. It has atotal area of 10,230 sq. meter and is fully dedicated for emptystorage. The depot has been getting increasingly valuablebecause the trade volume between Europe and Asia is rising.Daily movements are fully computerized through a GIS Systemthat is directly linked up with the HMM Head Office.
Private Train
Private trains, one of which is owned by HMM, are operated inorder to provide high quality transportation for customers.These trains enable HMM to carry large volumes of containers inKoreawith safety and accuracy.
Terminal Service
HYUNDAI MERCHANT MARINE CO., LTD.-----31
HMM Navigates the Global SuperhighwayHMM’s global network stretches worldwide, with 4 regional headquarters, 26 subsidiaries, and 75 branch/overseas offices.
STRENGTHENING OUR OVERSEAS NETWORK TO BOLSTER SALES CAPACITY
In response to rapid industry changes, HMM has been strategically expanding and reorganizing itsoverseas network. Recently, HMM has opened subsidiaries to focus on emerging markets such asItaly, Vietnam, Dubai and Russia. HMM uses overseas offices as bases to develop sales and to takea leading position in international shipping markets.
STRETCHING ACROSS THE GLOBE
34 _ HMM America
36 _ HMM Europe
38 _ South-East/West Asia
40 _ HMM China
42 _ HMM Japan
43 _ HMM Hong Kong
44 _ HMM Taiwan
Operating Income
314.2Billion Korean Won
34----- ANNUAL REPORT 2007
STRETCHING ACROSS THE GLOBE
Vancouver
TorontoCleveland
Chicago
Minneapolis
Kansas CitySt. Louis
Memphis
Cincinnati
Boston
New Jersey
CharlotteAtlanta
Detroit
SeattleTacoma
Portland
San Francisco
Houston
Los Angeles
Phoenix
Long Beach DallasIrving
HMM America2007 saw HMM initiate several new routes in theAmericas, including the first ever service from Asia tothe U.S. that transits the Suez Canal.
Headquarters
Subsidiary
Branch Office
The market environment in the Americas during 2007featured continuous challenges, as several factorsconverged to reduce overall growth in the U.S. economy.In addition to hurting the housing sector, the sub-primemortgage crisis created uncertainty and turmoil thatinevitably spilled into the credit markets. Other factorssuch as the weakening U.S. dollar and the already highprice of oil contributed to a soft market for imports.
With concentrated efforts, Hyundai Merchant MarineAmerica (HMMA) and its associates addressed thechallenging market head on. By educating our customersand increasing market awareness through industryforums such as the Transpacific Stabilization Agreement,fuel recovery became of paramount importance. Closemonitoring and scrutiny of inland ratio control andequipment match back also aided our inland costrecovery efforts.
New services were added in 2007 to meet marketdemand. Changing customer preferences for moreservices for the East Coast of the U.S. led to thedeployment of new strings, the ESX and the SZX. The SZXwas the first Asia to North America service string totransit the Suez Canal. In early 2008, HMM will launch itsfirst services between Asia and the East Coast of SouthAmerica.
HMMA’s unrelenting focus on achieving still greatermarket success can be attributed to its highly committedRegional Customer Service Centers, and to its Sales,Logistics, and Operations departments. The HMMA teamtakes immense pride in providing customers withunparalleled service and optimum satisfaction with thegoal of creating long-term partnerships for a bright andprosperous future.
HYUNDAI MERCHANT MARINE CO., LTD.-----35
HMMA has shown itscommitment tocustomer service in avariety of ways andtakes special pride in itsRegional CustomerService Centers.
STRETCHING ACROSS THE GLOBE
Hyundai Merchant Marine (Europe) Ltd. was initiallyestablished in 1992 with its base in Hamburg, with the baserelocated to London in 1996, where it has remained to date.
From an original European network of 4 main offices and14 Agents, HMM has undergone rapid growth to becomeone of Europe’s most renowned multimodal shippingcompanies, with offices in 13 nations and liner agents inanother 10. The global transportation network is supportedby a well-qualified and experienced staff of approximately5,500 worldwide, of which 400 are based in Europe.
HMM Europe Ltd. started its business with the introductionof the Asia/Europe (AEX) Liner Service in 1992 with a highspeed 3,000 TEU vessel fleet. In 1996 the service wasupgraded to eight 5,500 TEU vessels, then again to eight6,800 TEUs in 2007 and a further eight 8,600 TEU vesselsdeployed in 2008, initially on SCX. These vessels haveenabled us to provide all our customers with verycompetitive transit times.
Since November 1995, HMME has also been operating aTransatlantic Service (TAS). This three fixed-day weeklyservice links the U.S. East Coast and Gulf by direct call, andthe U.S. West Coast, Mexico, South America and Canadavia feeder connection.
During H2 2008, our European portfolio will consist of 9services from North Europe to Asia; 2 services from theMediterranean to Asia; 1 service from the Black Sea toAsia; 3 services from North Europe to the U.S. and 1service from North Europe to the South Pacific- totaling 16services, all weekly with the exception of the South Pacific,which is bi-weekly.
In 1998 HMM joined “The New World Alliance” with APLand MOL, which provides competitive market coverage,sailing frequencies and transit times in all of the majorEast-West container trades throughout the world. OnOctober 6th, 2005, the leading container lines representingthe Grand Alliance (GA) and The New World Alliance(TNWA) announced an agreement of cooperation on keytrades from early 2006. The agreement extensivelybroadens HMM’s capabilities, network coverage, schedulefrequency, as well as improving service and increasingchoice for customers.
In order to provide our customers with in-depthinformation on the scope of our global services, we havelaunched a worldwide web-site in 1995 that is beingconstantly upgraded. We have been improving our servicequality in tandem with our concerns about the globalenvironment. As a result, we have instilled a companypolicy of HMM Environment & Safety-Quality ManagementSystem in compliance with the Environment ManagementSystem (ISO 14001), ISM CODE and ISO 9002.
HMM Europe
36----- ANNUAL REPORT 2007
ManchesterBirmingham
Southampton
Dunkirk
Paris
LyonMarseille
StrasbourgMilan
Genoa
FrankfurtPrague
Warsaw
Duesselodorf
Bremen
Oslo
Copenhagen
Helsinki
St. Petersburg
Le Havre
AntwerpRotterdam
Hamburg
Gothenberg
London
HMM Europe has emerged since its 1992inception to become a major player in theregion. It now offers 16 services, all but oneweekly, including a new route in 2007 from theBlack Sea to Asia.
Headquarters
Subsidiary
Branch Office
Overseas Office
With eight 6,800 TEUvessels introduced in2007 and eight 8,600TEU vessels on the wayin 2008, HMM Europecontinues to expand itspresence.
HYUNDAI MERCHANT MARINE CO., LTD.-----37
38----- ANNUAL REPORT 2007
STRETCHING ACROSS THE GLOBE
The SHQ (Singapore Regional Headquarters) wasestablished in 2003 to provide effective control overbusiness activities in South-East/West Asia. This regionconsists of 12 highly politically, economically and sociallydiverse countries, namely, Singapore, Malaysia, Thailand,Indonesia, Vietnam, Cambodia, Myanmar, the Philippines,India, Pakistan, Bangladesh and Sri Lanka. It is thereforecritical to develop local expertise for managing business inthis region.
The headquarters is strategically located in Singapore.Being a transshipment hub, Singapore handles about 37%of the container transshipment throughput in Asia. In 2007,the port recorded 27.1 million TEUs of throughput. Thegrowth rate is 13% on a year-on-year basis. Apart fromthis, Singapore also maintains an open market economicpolicy which facilitates international trade. It is indeed aninternational business and logistics center.
The functions of the headquarters are considerable, witheach segment of the shipping business managed by aspecialized department. There are five principal departmentsand one team as follows:
Marketing & Pricing
It can be classified by trade lanes into Transpacific, Europeand Intra-Asia; the department also has full control overAustralia services. This department is also responsible forthe revenue performance of offices coming under itscontrol. With recent service expansion, it aims to achieve aweekly allocation of 8,000 TEUs in 2008.
Logistics
This department plays a supporting role regarding terminalcontracts, feeder networks, schedule management andother operational issues.
Equipment
The major responsibility of the equipment team is toensure that an optimal level of equipment is availablewithin our region. It is also concerned with improvingturnaround time of our equipment and with avoidingcostly long idling.
Documentation & Auditing
This department works to ensure the smooth flow of trafficand proper documentation and guides all offices with newrules and regulations for job improvement. In addition, itverifies each office’s expense invoices for correct paymentand controls remittances outstanding.
Information Technology
This department is responsible for supporting all IT issuesfor offices located in South-East/West Asia, Australia andthe Middle East regions. Coming ahead, it plans to developour own systems for new HMM offices located at Dubai andAustralia. On top of the container business, a break-bulkdivision has also been newly established in Singapore.
Break-bulk Team
This team is composed of 3 sections, Chemical, Bulk Linerand LPG Tanker. The chemical section was established in2006 in Singapore and is now operating 3 chemicaltankers (13,000 DWT) running between the Middle and FarEast. It expects to generate solid profits with the deliveryof 3 new chemical tankers (20,000 DWT) in 2009. The BulkLiner section usually carries timber and iron to the MiddleEast from countries such as Singapore, Malaysia, Indiaand Indonesia. Lastly, the LPG Tanker section isscheduled to move to Singapore from Seoul in June 2008in order to strengthen sales/marketing for customersbased in Singapore.
SHQ has played an active role in this region ever since itsestablishment. This is well reflected in its policy ofstrengthening its overseas organizations. For example,branch offices were established in Mumbai in 2005 and inVietnam in 2006. Subsequently, HCM (Ho Chi MinhSingapore Service) was introduced in November 2007 toposition us in fast-growing countries for continuousgrowth. It is also worthwhile to mention that the RCF(Regional Cross Feeder), which considers the equipmentpositioning subsidy, contributed 1.5 million U.S. dollars in2007. In short, along with the 3 other regional headquartersin the U.S., Europe and China, SHQ will be able to make asiginificant contribution.
South-East/West AsiaBranch offices opened in India in 2006 and Vietnam in 2007 put us ingood position to take advantage of the high growth potential of muchof the region.
HYUNDAI MERCHANT MARINE CO., LTD.-----39
Establishing asubstantial regionalheadquarters inSingapore tocomplement oursubsidiaries inMalaysia, India, andThailand demonstratesour strong commitmentto the region.
Melbourne
Sydney
Jakarta
Ho Chi Minh
Dubai
Johor Bahru
Singapore
Klang
Laem Chabang
Chennai
New Delhi
Songkala
Penang
Headquarters
Subsidiary
Branch Office
Overseas Office
BangkokMumbai
Nhava Sheva
40----- ANNUAL REPORT 2007
STRETCHING ACROSS THE GLOBE
HMM China HMM China achieved stable growth in 2007, and through ourexpansion of offices and services, we are confident that the future ispromising for us.
Hyundai Merchant Marine (China) Co., Ltd. has extendedits rapid and steady development in the Chinese market.With a newly upgraded Nanjing branch office, HMMChina’s network has been expanded to 7 branches(Shanghai / Ningbo / Tianjin / Qingdao / Dalian / Shenzhen/ Nanjing) and 8 representative offices (Wuhan /Chongqing / Hangzhou / Beijing / Shijiazhuang / Yantai /Guangzhou / Xiamen).
Under the effective management of its Chinaheadquarters, HMM China’s export volume maintainedstable growth in 2007. Export volume on TPS, Europe,and Intra-Asia reached 3,976TEU, 1,416 TEU and 2,205TEU per week, respectively. Except for the slightdecrease in TPS trade of around 5%, Europe and Intra-
Asia achieved growth rates of 14% and 32%, respectively.In this regard, CHQ total export volume reached 7,597TEU with a growth rate of 7% over 2006. Furthermore,new services for ESX on the TPS trade, EBX on EURtrade, and CTX on the Intra-Asia trade were developedand performed well in 2007.
In 2008, HMM China is expected to maintain stablegrowth in line with the China container export market. Itsservice network will be expanded to South America andthe Red Sea region by new NHX and CRS services, whilenew services on the Europe/MED trade (EU5/MD1) andIndia trade (NIX) will be helpful in enhancing HMMChina’s service products.
Dalian
Qingdao
Nanjing
NingboWuhan
Xiamen
Beijing
TianjinYantai
Shijiazhuang
Gungzhou
Chongqing
Hangzhou
Shanghai
Headquarters
Branch Office
Representative Office
HYUNDAI MERCHANT MARINE CO., LTD.-----41
Highlights of 2007include our expansioninto Red Sea and SouthAmerica routes, alongwith added routes toEurope and theMediterranean.
42----- ANNUAL REPORT 2007
STRETCHING ACROSS THE GLOBE
HMM JapanIn 2008, HMM will implement major cost and process managementinitiatives to further its long-term strategic plans.
HMM Japan has three offices, in Tokyo, Yokohama andOsaka, and three agent offices, in Nagoya, Shimizu andHakata.
The Tokyo main office handles all sales, operations, andadministrative matters for Japan, while the Osaka officehandles sales for west Japan, the 3 agent offices handlesales for major local ports, and the Yokohama officeconducts the documentation work for all Japan business as the Documentation Center.
We presently have 7 services (PS3, PCE, PNW, APX, NUE,PSW, PSX) in TPS, 3 services (AEX, JEX, MED) in Europe,and 8 services (JTP, HLS, JTD, KMS, CIX, FAL,KRS) in Asia, as well as an Inter-Port Service. We shall also participatein new services-MEX for MED, NHX for Central Americaand a new Australia service.
In 2008, HMM Japan will sail full speed ahead, focusing onadhering to 3 targets that will fully support the company’slong-term strategic plan:
First, to strengthen high-margin sales and cut costs asmuch as possible by improving sales mode and throughoptimal analysis.
Second, to maximize cost savings not only by cutting depotand terminal costs, but also by balancing exports andimports so that positioning costs like THC, lift on/offcharges and trucking costs for supplying or removingcontainers to/from the imbalance areas of containers canbe minimized.
Third, to maximize staff efficiency in all offices, andespecially for efficient documentation, most job processeshave been upgraded through computerization, with the ITdepartment’s cooperation in all phases of this.
Osaka
Yokohama
Tokyo
Subsidiary
Branch Office
HYUNDAI MERCHANT MARINE CO., LTD.-----43
HMM Hong KongIn 2008, HMM Hong Kong will focus on promoting several excitingnew services for customers and will continue its aggressiveexpansion into the South China market.
Riding the positive impact of both the rapid economicgrowth of the South China market and the official entry ofChina into the World Trade Organization (WTO), HongKong handled 23.9 million TEUs in 2007, making it thethird busiest port in the world, while Shenzhen handledover 21.1 million TEUs. HMM Hong Kong (HMM HK)handled a total of approximately 875,195 TEUs for HongKong and South China ports in 2007.
Promotion of new services and special containerbusiness
With several new services set to be launched this year,HMM HK will cooperate with headquarters in promotingnew services and its special container business. HMM HKwill utilize all channels to deliver the message topotential customers and maintain satisfaction amongexisting customers.
e-Business promotion
Following last year’s promotion of continuousimprovement in e-Business, HMM HK will continue topromote HMM’s EDI linkage and the HMM homepagewww.hmm21.com aggressively so as to meet our settargets and reap the potential of these e-tools, such asenhancing efficiency, data accuracy and the productivity ofassets shared with our business partners.
Expansion of HMM (HK) into South China market
In 2008, HMM (HK) will set up a representative office inZhongshan. Also, we will apply to the Chinese governmentto upgrade the Guangzhou office and Xiamen office fromrepresentative offices to branch offices.
Build up personal network with the media
HMM HK plans to build up its network with bothinternational and local media. We will hold gatherings andmeetings with the media for exchanging marketinformation on the shipping industry. The information isessential for our future business plans and for promotion.
Cost savings programs
Cost saving is another essential aspect we are focused on.HMM HK carried out a number of cost savings programs inthe transportation, logistics and terminal sectors and wecontinue to monitor and ensure that all assets are fullyutilized and that costs are kept at an optimal level.
Upgrade I.T. system
HMM HK ensures that all staff thoroughly understands andcan manipulate our integrated computer system- the WINSsystem. Work quality and efficiency are greatly improvedthrough using this powerful system. HMM HK shall strivefor a state-of-the-art I.T. system to continue to satisfy ourcustomers’ requirements.
Subsidiary
Branch Office
Representative Office
ShenzhenYantian
Xiamen
Fuzhou
Hong Kong
Guangzhou
STRETCHING ACROSS THE GLOBE
HMM Taiwan HMM Taiwan has been recognized for achieving increased volumesfor 5 years running at its exclusive terminal at Kaohsiung Port.
Hyundai Ocean Pioneer Shipping Agency Co., Ltd., locatedin Taipei, was established in 1999 as a joint venture with alocal agency, before becoming a 100% wholly owned HMMsubsidiary in 2000. With 70 staff and a branch office inKaohsiung, it delivers quality transportation service formajor trade lanes, extending to the U.S., Europe, and theMiddle East, as well as Intra-Asia.
In 2008, we will focus on increasing profitability byimproving internal efficiency and through cost saving. Wealso will be maximizing cargo gathering with the capacityexpansion of AEX and KMS services. To combat adversemarket conditions, we will concentrate on acquiring high-valued-added freight and on building good customerrelationships.
The Kaohsiung Hyundai Terminal (KHT), an exclusiveterminal for HMM Taiwan since 1996, is located at Pier 75of No.5 Container Terminal Center at Kaohsiung Port. Ithas a land area of 111.636 sq. meters and is equipped with 3gantry cranes, 8 transfer cranes, 2 reach stackers, 18 yardtractors, and 30 chassis units. KHT also provides CFS, andcontainer M&R service in addition to container handling.
KHT has received an award from the Kaoshiung PortAuthority (KPA) for increasing volumes for 5 consecutiveyears since 2003. In 2006, to cope with increasing containerhandling volumes, KHT enlarged the yard capacity bypurchasing one top-handler which is capable of stackingempty containers up to 6 tiers, and also heightenedtranstainers from 4 tiers to 5 tiers in height.
In 2008, to handle the calling of 8,600 TEU vessels and toprovide more competitive service to customers, KHT isconsidering a terminal expansion by moving to a two-berth terminal. It will keep KHT as HMM’s hub port forSoutheast Asia.
All staff are fully dedicated to making HMM the world’sbest in the shipping industry.
44----- ANNUAL REPORT 2007
TaipeiKaohsiung
Subsidiary
Company Data46 _ Financial Statements
48 _ The Board of Directors & Major Shareholders
49 _ HMM’s Development
52 _ Managing Staff
54 _ Fleet List
56 _ Management Organization
58 _ Headquarters & Global Network
HYUNDAI MERCHANT MARINE CO., LTD.-----45
Account
Sales
Cost of sales
Gross profit
Administrative expenses
Operating profit
Non-operating income
Non-operating expenses
Pre-tax profit
Net income
2007
5,765,436
1,496,860
1,377,095
119,765
4,268,576
816,036
3,411,099
41,441
3,710,535
859,049
2,851,486
2,054,901
765,366
851,401
△96,594
△21,593
556,321
5,765,436
2006
5,543,083
1,808,545
1,725,106
83,439
3,734,538
462,758
3,231,091
40,689
3,446,391
786,817
2,659,574
2,096,692
765,366
851,160
1,780
20,840
457,546
5,543,083
46----- ANNUAL REPORT 2007
FINANCIAL STATEMENTS
Balance Sheets(Unit : KRW Million)
Account
[Assets]
Current assets
Quick assets
Inventories
Non-current assets
Investment
Property, equipment, vessel
Other non-current assets
[Liabilities]
Current liabilities
Long-term liabilities
[Shareholders’ equity]
Stockholders’ equity
Capital surplus
Capital adjustments
Accumulated other comprehensive income
Retained earnings
Total liabilities & shareholders’ equity
2007
5,091,885
4,667,885
424,000
109,823
314,177
207,776
327,213
194,740
177,311
2006
4,734,159
4,532,350
201,809
104,486
97,323
319,955
283,921
133,357
122,681
Statements of Income(Unit : KRW Million)
HYUNDAI MERCHANT MARINE CO., LTD.-----47
Account
1. Cash flows from operating activities
2. Cash flows from investing activities
3. Cash flows from financing activities
4. Net increase (1+2+3)
5. Cash and cash equivalents at the beginning of the year
6. Cash and cash equivalents at the end of the year
2007
423,569
332,819
△456,162
300,226
140,617
440,843
2006
279,026
△978,640
663,704
△35,909
176,526
140,617
Statements of Cash Flows(Unit : KRW Million)
Account
1. Retained earnings before appropriation
Earned surplus brought forward from the previous term
Net income
2. Appropriations of retained earnings
Legal reserve of retained earnings
Cash dividend
3. Earned surplus carried forward to the following term
2007
477,365
300,054
177,311
85,030
7,730
77,300
392,335
2006
386,444
263,763
122,681
86,390
7,854
78,537
300,054
Statements of Appropriation of Retained Earnings(Unit : KRW Million)
48----- ANNUAL REPORT 2007
THE BOARD OF DIRECTORS & MAJOR SHAREHOLDERS
Major Shareholders
Name
Hyun Jeong-Eun
Kim Seong-Man
Yi Ki-Seung
Lee Dong-Yeol
Kim Dong-Gun
Kang Bo-Hyun
Jon Joon-Soo
Han Taek-Soo
Eric Sing Chi Ip
The Board of Directors(As of March 31, 2008)
Duties
Chairman of Hyundai Group
President & CEO
CEO of Hyundai U&I
Head of Bulk Division
Managing Partner & Attorney at Law, “Barun” Law Firm
Managing Partner & Attorney at Law, “Yoon Yang Kim Shin & Yu” Law Firm
Dean, College of Business Administration, Sogang University
Former Chairman of Korea RB Securities
Managing Director, Hong Kong International Terminals
Status
Chairman of the Board of Directors
Representative Director
Standing Director
Standing Director
Outside Director
Outside Director
Outside Director
Outside Director
Outside Director
Shareholders
Hyundai Elevator (18.89%)
Others (34.38%)
Hyundai Heavy Industries (17.60%)
Cape Fortune (7.06%)
Hyundai Engineering & Construction (8.30%)
Hyundai Samho Industries (7.87%)
KCC (5.90%)
Hyundai Elevator
Hyundai Heavy Industries
Hyundai Engineering & Construction
Hyundai Samho Industries
Cape Fortune
KCC
Others
Total
28,914,240
26,940,725
12,706,914
12,052,429
10,801,838
9,035,067
52,622,016
153,073,229
18.89%
17.60%
8.30%
7.87%
7.06%
5.90%
34.38%
100.00%
Number of sharesPercentage
of ownership(%)
(As of March 31, 2008)
HMM’S DEVELOPMENT
HYUNDAI MERCHANT MARINE CO., LTD.-----49
The view of the christening of the Atlantic Baroness. The ship’s name was changed to the Korea Sun. It was the company’s first ship.
The ceremony inaugurating the Korea Sun.
The christening of a new ore and coal carrier, the Hyundai Pacific, in 1981, during which Kim Hyo-sun (wife of Moon Byung-rin, administrator of Korea Maritime and Port
Administration) officially named the vessel.
U.S. subsidiaries Hyundai America Shipping Agency, Inc. (HASA) and Hyundai Merchant Marine America, Inc. (HMMA) established.
1976 �Company established as Asia Merchant Marine on March 25, with capital of 200 million won.
�Transportation service opened with a fleet of three VLCCs.
1977 Bulk cargo tramper service and deep-sea tug service began.
1978 Conventional liner service opened between the Far East and the Middle East.
1980 Specialized car carrier service established.
1981 Specialized ore and coal transportation service began.
1982 U.S. subsidiary, Hyundai Merchant Marine America (HMMA) founded.
1983 Company name changed to Hyundai Merchant Marine Co., Ltd. on August 9.
1984 Operation on behalf of Dong Hae Merchant Marine and Shin Han Shipping fleets established.
Subsidiary called Sun Eel Shipping founded.
1985 Full container service opened between the Far East and the Western U.S.
Acquisition of Dong Hae Merchant Marine and Shin Han Shipping completed on August 31 and December 31,
respectively.
1986 Semi-container service linking Europe, the South Pacific and Australia opened.
1988 Double stack train (DST) rail freight service established between Long Beach, Chicago and the Eastern U.S.
Acquisition of Koryo Merchant Marine completed on January 4.
1989 Japanese subsidiary incorporated.
1990 Hyundai Intermodal, Inc. (HII) established as a subsidiary to provide a full-service Intermodal transport service within
the U.S.
1991 Direct Korea-Russia route between Busan and Vostochny opened.
1992 Subsidiaries incorporated in Europe and Hong Kong.
1993 U.S. subsidiaries Hyundai America Shipping Agency, Inc. (HASA) and Hyundai Merchant Marine America, Inc. (HMMA)
established.
Both ISO 9002 certification and ISM code received.
HMM’S DEVELOPMENT
50----- ANNUAL REPORT 2007
1994 Korea first LNG transport service began in June with the launching of the Hyundai Utopia.
1995 Inland depot in Hong Kong secured with the establishment of a joint venture.
1996 Exclusive container terminal opened in Kaohsiung, Taiwan.
Presidential citation (Best Performance Tower) given during the first Ocean Day ceremony in May: Captain Shin Yong-
ho awarded Order of Industrial Service Merit, Tin Tower.
ISO 14001 certification acquired, the first among the world multimodal transportation companies.
1997 Inland container depot opened in Euiwang, Korea.
HMM Bangkok office upgraded to subsidiary status and renamed Hyundai Merchant Marine Thailand.
1998 The New World Alliance service began with APL and MOL.
Korea’s first Korea-Middle East container service commenced.
1999 100% management rights for California United Terminal in Long Beach acquired.
Hyundai Busan Container Terminal, the largest public container terminal in Korea, opened.
HMM Container Terminals acquired ISO 9002/ISO 14001 Certification simultaneously.
2000 Hyundai Merchant Marine (France) S.A. opened.
Sales revenue reached US$ 4.5 billion.
2001 ‘Cyber Customer Service Center’ opened.
GT Nexus, a shipping portal site with 12 world’s leading ocean carriers established.
6,500 TEU container vessels on the PSW (Pacific-Southwest service) route deployed.
2002 Car Carrier Business sold to Wallenius/ Wilhelmsen.
Permanent no-dispute agreement declared between labor and management.
2003 South-East/West Asia Headquarters established.
Naming ceremony of the Hyundai Glory, a new 4,700 TEU container vessel, was held.
China Headquarters established.
Laying the keel of the Hyundai Utopia in 1992.
In April 1999, the exclusive container terminal(WUT) opened at the port of Tacoma, U.S.A.
‘Cyber Customer Service Center’ on the HMM internet homepage built in 2001.
Naming ceremony of the Hyundai Glory, a new 4,700 TEU container vessel, was held in 2003.
HYUNDAI MERCHANT MARINE CO., LTD.-----51
2004 All of HMM’s vessels and port facilities approved as in accordance with the ISPS (International Ship and Port Facility
Security) Code.
Increased vessel Investment HMM purchased and ordered to construct 11 container ships, 9 tankers and 2 bulk
carriers.
2005 Appointed its first representative in Ho Chi Minh city, Vietnam, and established an Indian Subsidiary on July 15th.
Naming ceremony of Universal Queen, a new VLCC, was held sponsored by Korean First Lady Kwon Yang-sook.
Ordered to construct four 8,600 TEU container ships - the largest domestic vessels ever - and five 4,700 TEU ships.
Extended the terms of alliance agreement with The New world Alliance (TNWA) to 31st December, 2012. Also TNWA
announced a cooperation agreement on key trades with the Grand Alliance (GA).
2006 Opened branch office in Warsaw, Poland.
Held the 30th anniversary ceremony, proclaimed HMM’s new vision for 2010.
Deployed five 6,800 TEU containerships.
Selected as the terminal operator for 2-2 container terminal of Busan New Port.
Recieved the “Carrier of the Year” award from Target Corporation.
Launched a chemical-tanker and LPG transportation service.
2007 Launched three 6,800 TEU and three 4,700 TEU containerships.
Appointed a Global Partnership Carrier by SONY four consecutive years.
Selected to Develop Rotterdam Container Terminal.
Established HMM Italy SRL.
Established HMM Vietnam, Co., Ltd.
Commencement of ‘Asia-Chennai’ Service.
Established a dedicated express rail service between Hamburg and Mlawa.
Held the 30th anniversary ceremony, proclaimed HMM’s new vision for 2010 in 2006.
Received the “Carrier of the Year” award from Target Corporation in 2006.
Established HMM Vietnam in 2007.
The Hyundai Bangkok, a 6,800 TEU containership, was deployed on Asia-Europe route in 2007.
MANAGING STAFF
Park Jae-Yung
Senior Executive VicePresidentHead of Planning &Administration Division
Shin Jae-Hee
Senior Vice PresidentPlanning Director
Kang Sung-Il
Senior Vice PresidentAdministration Director
Yoo Chang-Keun
Executive Vice PresidentHead of Liner Division
Kim Chang-Woo
Senior Vice PresidentPI (Process Innovation)Director
Choi Kyung-Ho
Senior Vice PresidentHMM America, Inc.
Lee Taeg-Gyu
Senior Vice PresidentMaritimeAdministration/PlanningDirector
Lee Dong-Yeol
Executive Vice PresidentHead of Bulk Division
Kim Jae-Seon
Senior Vice PresidentHead of HMM Japan Co.,Ltd.
Choi Heoung-Gyu
Senior Vice PresidentDry Bulk Director
Chung Ji-Yi
Executive Vice PresidentVice Head of Planning &Administration Division
Han Woong-Sup
Senior Vice PresidentHead of HMM South-East/West Asia HQ
Kim Soo-Ho
Senior Vice PresidentHead of HMM Europe Ltd.
Kim Yoon-Ky
Executive Vice PresidentHead of HMM Ameirca, Inc.,
Kim Jong-Kwon
Senior Vice PresidentLiner Planning Director
Kim Hong-Ki
Vice PresidentHead of HMM Hong KongLtd.
Kwon Joo-Suk
Executive Vice PresidentHead of Maritime Division
Lee Paik-Hoon
Senior Vice PresidentGas Carrier Team, TankerTeam and HumanResources Team Director
Kim Seong-Man
President & CEO
52----- ANNUAL REPORT 2007
Lee Young-Joon
Vice PresidentJakarta Office
Na Sung-Hwa
Vice PresidentTanker Team
Lee Seock-Dong
Vice PresidentHMM Europe Ltd.
Son Young-Il
Vice PresidentHead of HMM China Co., Ltd.
Lim Jong-Ki
Vice PresidentEurope Trade ManagementTeam
Kang Ho-Kyung
Vice PresidentAsia & Oceania TradeManagement Team
Hong Jee-Heon
Vice PresidentFinance Director
Lim Jae-Hoon
Vice PresidentHMM Singapore Pte, Ltd.
Jung Han-Ki
Vice PresidentCorporate EquipmentManagement Team
Kim Duck-Man
Vice PresidentStrategy DevelopmentTeam
Oh Dong-Soo
Vice PresidentPublic Relations Office of Hyundai Group
Yim Young-Soo
Vice PresidentBusiness ManagementTeam
Chung Han-Goo
Vice PresidentCUT and WUT
Kim Ji-Taek
Vice PresidentKorea Region Sales andTrans-Pacific OutboundSales Team
Lee Yong-Wook
Vice PresidentMarine Affairs Team
Song Yo-Ick
Vice PresidentHASA HQ
Lee Joo-Sun
Vice PresidentTramper Team
Yang Seung-In
Vice PresidentLiner BusinessDevelopment Team
Hwang Jung-Soo
Vice PresidentBulk Carrier Maintenance& Engineering Team
Shin Hyun-Jong
Vice PresidentHMM Shanghai Co., Ltd.
HYUNDAI MERCHANT MARINE CO., LTD.-----53
Ina
Global Winner
Global Victory
Volumnia
Pina Cafiero
Avax
Nordweser
Galini
Genco Warrior
Port Maubert
Pacific Guardian
Doric Spirit
Star Theta
Fermita
Gloriana
Navios Herakles
Hyundai Treasure
Turicum
Genco Wisdom
Pacific Champ
Pacific Royal
Hyundai Jumbo
Hanjin Bombay
Beagle 1
Kiani Satu
88,702
81,152
76,068
40,002
40,115
41,059
40,605
31,260
31,069
32,486
30,055
30,174
30,054
26,091
29,499
29,499
28,171
26,449
26,094
25,503
25,503
23,132
16,252
12,630
16,660
176,423
161,121
149,155
76,015
75,668
75,398
75,323
56,015
55,435
53,000
52,525
52,428
52,425
52,292
52,068
52,061
48,821
47,639
47,180
43,229
43,210
30,538
27,327
17,224
16,717
2003
1997
1996
2002
2002
2006
2001
2005
2005
2008
2001
2001
2003
2001
2000
2001
2004
1995
1997
1996
1996
2002
1995
2005
1997
DWT CapacityGTVessel Name Year Built
FLEET LIST
Hyundai Brave
Hyundai Courage
Hyundai Faith
Hyundai Force
Hyundai Busan
Hyundai Shanghai
Hyundai Hong Kong
Hyundai Tokyo
Hyundai Singapore
Hyundai Colombo
Hyundai Bangkok
Hyundai Jakarta
Hyundai Kingdom
Hyundai Republic
Hyundai National
Hyundai Donimion
Hyundai Patriot
Hyundai Freedom
Hyundai General
Hyundai Highness
Hyundai Independence
Hyundai Liberty
Hyundai Discovery
Hyundai Confidence
Hyundai Forward
Hyundai Unity
Hyundai Grace
Hyundai Glory
Hyundai Admiral
Hyundai Baron
Hyundai Commodore
Hyundai Duke
Hyundai Emperor
Hyundai Federal
Hyundai Challenger
Hyundai Future
Hyundai Stride
Hyundai Progress(WH2)
Hyundai Bridge
Hyundai Advance(WH1)
Hyundai Highway
Hyundai Vladivostok
Hyundai Sprinter
San Isidro
Hyundai Harmony
Hyundai Concord
51,638
51,638
51,638
51,638
80,480
80,480
80,480
80,480
80,480
80,480
80,480
80,480
80,550
80,550
80,550
80,550
80,550
68,519
68,519
68,519
68,519
68,519
68,519
68,048
63,404
63,404
63,404
63,404
61,153
61,153
61,153
61,153
61,153
61,153
37,915
24,799
24,777
24,777
24,777
24,767
24,767
24,766
24,766
20,278
17,700
17,700
2008
2008
2008
2008
2006
2006
2006
2006
2006
2007
2007
2007
2001
2001
2001
2001
2001
1996
1996
1996
1996
1996
1996
2003
2007
2007
2007
2004
1992
1992
1992
1992
1992
1994
1989
1997
1997
1998
1998
1997
1998
1997
1997
1993
2002
2002
DWT CapacityGTVessel Name Year Built
Container ship
Hyundai Continental
Hyundai Universal
Hyundai Olympia
Hyundai Cosmos
Hyundai Prosperity
Hyundai Atlas
Hyundai Power
Hyundai Oceania
Hyundai Island
Hyundai Spirit
Pacific Success
101,466
101,604
93,005
85,678
77,307
76,068
76,068
76,068
67,897
68,093
24,790
200,269
200,100
186,330
163,256
151,258
149,310
149,221
139,887
127,853
126,000
37,450
1988
1990
1987
1986
1990
1995
1998
1983
1986
1993
1989
DWT CapacityGTVessel Name Year Built
Ore/Coal Carrier(As of March 2008)
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
TEU
94,511
94,511
94,511
94,511
74,651
74,651
74,651
74,651
74,651
74,651
74,651
74,651
74,373
74,373
74,373
74,373
74,373
64,054
64,054
64,054
64,054
64,054
64,054
64,845
53,352
52,851
52,851
53,352
51,836
51,836
51,836
51,836
51,836
51,841
39,678
21,611
21,611
21,611
21,611
21,611
21,611
21,611
21,611
15,778
13,267
13,267
8,600
8,600
8,600
8,600
6,800
6,800
6,800
6,800
6,800
6,800
6,800
6,800
6,500
6,500
6,500
6,500
6,500
5,551
5,551
5,551
5,551
5,551
5,551
5,500
4,700
4,700
4,700
4,648
4,411
4,411
4,411
4,411
4,411
4,411
2,633
2,200
2,200
2,200
2,200
2,200
2,200
2,200
2,200
1,512
1,032
1,032
Bulk Carrier
54----- ANNUAL REPORT 2007
Owned and Chartered over two years
Mill Reef
DL Calla
Gas Aries
2008
1990
1991
DWT CapacityGTVessel Name Year Built
47,000
44,637
44,493
58,800
48,096
46,731
World Majesty
Golden Accord
DL Aster
Oriental Wisteria
1991
1990
2007
2001
DWT CapacityGTVessel Name Year Built
7,916
7,916
8,539
6,923
13,976
13,901
13,061
12,498
Universal Queen
Universal Crown
Universal Brave
Universal Prime
Hyundai Sun
Millennium
Universal Hope
Universal Peace
LA ESPERANZA
LA PAZ
La Madrina
La Prudencia
Hyundai Star
Hyundai Banner
SYLT
SUVA
Pacific Superior
Pacific Courage
EL JUNIOR
VL MALIBU
Genges Spirit
Max Jacob
Stormless
Nord Asia
Blue Jasper
Asian Jade
2005
2005
1997
1997
1998
1998
1993
1995
1993
1995
1994
1993
1995
1996
1993
1993
1994
1992
1995
1989
2002
1998
1993
1998
2008
2005
DWT CapacityGTVessel Name Year Built
163,465
163,465
156,692
156,692
156,692
156,692
158,475
158,475
158,475
158,475
158,475
158,475
151,592
151,977
153,332
153,506
146,849
145,403
149,896
137,024
81,270
81,565
79,918
57,009
56,355
57,154
309,000
309,000
299,997
299,985
299,984
299,984
299,700
299,700
299,700
299,700
299,700
298,900
281,199
281,074
279,995
279,995
269,605
269,101
266,072
248,976
159,453
157,411
150,038
105,994
105,500
105,000
Hyundai Cosmopia
Hyundai Aquapia
Hyundai Oceanpia
Hyundai Utopia
Hyundai Greenpia
Hyundai Technopia
LNG Aquarius
135,000
135,000
135,000
125,000
125,000
135,000
126,000
CBM
CBM
CBM
CBM
CBM
CBM
CBM
2000
2000
2000
1994
1996
1999
1977
DWT CapacityGTVessel Name Year Built
LNG Carrier
113,998
113,998
113,998
103,764
103,764
113,998
95,084
77,591
77,565
77,513
71,910
71,910
69,157
65,000
DL Iris
Ambrosia
Oriental Green
Overseas Jacamar
Oriental Emerald
Oriental Ruby
Pacific Serenity
Admiral L
Arion
Antares
1998
2006
1998
1999
2005
2005
2003
1990
2006
2006
DWT CapacityGTVessel Name Year Built
Product Tanker
57,450
56,955
56,955
60,504
30,971
30,971
28,850
23,967
23,325
23,325
108,227
105,520
99,992
99,800
49,700
49,700
48,000
41,000
37,400
37,400
Chemical Tanker
Crude Tanker
LPG Carrier
82,000
78,000
78,000
CBM
CBM
CBM
HYUNDAI MERCHANT MARINE CO., LTD.-----55
56----- ANNUAL REPORT 2007
MANAGEMENT ORGANIZATION
- Liner Strategy & Planning Team
- Liner Business Development
Team
- CRM Team
- Trans-Pacific Trade Management
Team
- Europe Trade Management Team
- Asia & Oceania Trade
Management Team
- Global Traffic Coordination Team
- Corporate Liner Operation Team
- Corporate Equipment
Management Team
- Global Harbor & Logistics Team
- Busan New Port TF Team
- Trans-Pacific Outbound Sales
Team
- Europe Outbound Sales Team
- Asia & Oceania Outbound Sales
Team
- Inbound Sales Team
- Customer Service Team
- Liner Sales Team / Busan District
- Traffic & Operation Team / Busan
District
- Customer Service Team / Busan
District
- Yong Dang CY
- Ethics Management Team
- Process Innovation Team
- Information & Technology TeamPresident
Liner Division
- Bulk Business Planning &
Development Team
- Gas Carrier Team
- Tanker Team
- Tramper Team
- Bulk Liner Team
- Incheon Office
- Pohang Office
- Gwangyang Office
- Masan Office
- Ulsan Office
Bulk Division
- Strategy Development Team
- Business Management Team
- Information & Technology Team
- Accounting Team
- Revenue & Expense Auditing
Team
- Finance Team
- Human Resources Team
- General Administration Team
- Purchasing Team
- Legal Affairs & Insurance Team
Planning &Administration Division
- Maritime Planning Team
- Safety Management Team
- Marine Affairs Team
- Container Fleet Maintenance &
Engineering Team
- Bulk Carrier Maintenance &
Engineering Team
- New Building & Technical Team
Maritime Division
HYUNDAI MERCHANT MARINE CO., LTD.-----57
- Hyundai Merchant Marine
(America), Inc.
- Hyundai America Shipping
Agency, Inc.
- Hyundai Intermodal, Inc.
- Washington United Terminals, Inc.
- California United Terminals, Inc.
- Hyundai Merchant Marine (Japan)
Co., Ltd.
- Hyundai Merchant Marine (Hong
Kong) Ltd.
- (Changwan Container Service
Ltd.)
- Hyundai Ocean Pioneer Shipping
Agency Co., Ltd.
- Hyundai Merchant Marine
(Taiwan) Co., Ltd.
- Hyundai Merchant Marine
(U.A.E.) LLC
- Sydney Office
- Melbourne Office
Overseas Organization
HMM America
- Hyundai Merchant Marine
(Europe) Ltd.
- Hyundai Merchant Marine
(Deutschland) GmbH
- Container Depot und Reparatur
Hamburg GmbH
- Hyundai Merchant Marine
(Netherlands) B.V.
- Hyundai Merchant Marine
(Belgium) N.V.
- Hyundai Merchant Marine
(France) S.A.
- Hyundai Merchant Marine
(Scandinavia) AB
- Hyundai Merchant Marine (Italy)
S.R.L
- Hyundai Merchant Marine (CIS)
LLC
HMM Europe
- Hyundai Merchant Marine
(Singapore) Pte. Ltd.
- Hyundai Merchant Marine
(Thailand) Co., Ltd.
- Hyundai Merchant Marine
(Malaysia) Sdn. Bhd.
- Hyundai Merchant Marine India
Pvt. Ltd.
- Hyundai Merchant Marine
(Vietnam) Co., Ltd.
- Jakarta Office
South-East/West Asia
- Hyundai Merchant Marine (China)
Co., Ltd.
- Hyundai Merchant Marine (China)
Shanghai Co., Ltd.
- Hyundai Merchant Marine (China)
Tianjin Co., Ltd.
- Hyundai Merchant Marine (China)
Qingdao Co., Ltd.
- Hyundai Merchant Marine (China)
Dalian Co., Ltd.
- Hyundai Merchant Marine (China)
Shenzhen Co., Ltd.
- Hyundai Merchant Marine (China)
Ningbo Co., Ltd.
- Hyundai Merchant Marine (China)
Nanjing Co., Ltd.
HMM China
HEADQUARTERS & GLOBAL NETWORK
58----- ANNUAL REPORT 2007
HYUNDAI MERCHANT MARINE CO., LTD.
HEAD OFFICE (SEOUL)
Hyundai Merchant Marine Co., Ltd.
66 Jeokseon-Dong, Jongno-Gu, Seoul, Korea
Tel: 82-2-3706-5114 Fax: 82-2-734-8496
MARITIME PLANNING TEAM. (BUSAN)
16th Fl., Hyundai M&F Insurance Bldg., 1193-5
Choryang 3-dong, Dong-Gu, Busan, Korea
Tel: 82-51-461-7065 Fax: 82-51-462-2410
SAFETY MANAGEMENT TEAM. (BUSAN)
14th Fl., Hyundai M&F Insurance Bldg., 1193-5
Choryang 3-dong, Dong-Gu, Busan, Korea
Tel: 82-51-462-2408 Fax: 82-51-462-7844
MARINE AFFAIRS TEAM. (BUSAN)
16th Fl., Hyundai M&F Insurance Bldg., 1193-5
Choryang 3-dong, Dong-Gu, Busan, Korea
Tel: 82-51-461-7000 Fax: 82-51-462-9844
BUSAN NEW PORT TFT TEAM. (BUSAN)
3rd Fl., 206-5, Yongdang-Dong, Nam-Gu
Busan, Korea
Tel: 82-51-607-7782 Fax: 82-51-625-8795
BUSAN DISTRICT(LINER SALES TEAM.)
15th Fl., Hyundai M&F Insurance Bldg., 1193-5
Choryang 3-dong, Dong-Gu, Busan, Korea
Tel: 82-51-461-7088 Fax: 82-51-463-7451
BUSAN DISTRICT(TRAFFIC & OPERATION TEAM.)
3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, Korea
Tel: 82-51-625-7156 Fax: 82-51-624-8457
BUSAN DISTRICT(CUSTOMER SERVICE TEAM.)
3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, Korea
Tel: 82-51-625-7155 Fax: 82-51-607-7801
YONG DANG CONTAINER YARD. (BUSAN)
2nd Fl., 206-5, Yongdang 3-dong, Nam-Gu, Busan, Korea
Tel: 82-51-607-7700 Fax: 82-51-607-7719
CONTAINER FLEET MAINTENANCE & ENGINEERING
TEAM. (BUSAN)
16th Fl., Hyundai M&F Insurance Bldg., 1193-5
Choryang 3-dong, Dong-Gu, Busan, Korea
Tel: 82-51-461-6917 Fax: 82-51-462-9855
BULK CARRIER MAINTENANCE & ENGINEERING
TEAM. (BUSAN)
15th Fl., Hyundai M&F Insurance Bldg., 1193-5
Choryang 3-dong, Dong-Gu, Busan, Korea
Tel: 82-51-461-7056 Fax: 82-51-462-0354
CHARLOTTE
11440 Carmel Commons Blvd., Suite 206
Charlotte, NC 28226, U.S.A.
Tel: 1-704-972-3100 Fax: 1-704-972-3175
CHICAGO
1 Pierce Place, Suite 1325 Itasca, IL 60143, U.S.A.
Tel: 1-630-931-4900 Fax: 1-630-931-4985
CINCINNATI
5495 North Bend Road, Suite 105, Burlington
KY 41005, U.S.A.
Tel: 1- 859-586-7003 Fax: 1-859-586-2553
CLEVELAND
24500 Center Ridge Road, Suite 265, Westlake
OH 44145, U.S.A.
Tel: 1-440-835-0930 Fax: 1-440-835-5522
DALLAS
2505 North Hwy. 360, Suite 480, Grand Prairie
TX 75050, U.S.A.
Tel: 1-817-649-2000 Fax: 1-817-649-2005
DETROIT
26261 Evergreen Road, Suite 273, Southfield
MI 48076, U.S.A.
Tel: 1-248-799-9955 Fax: 1-248-799-9718
HOUSTON
1235 North Loop West, Suite 900, Houston
TX 77008, U.S.A.
Tel: 1-713-861-0123 Fax: 1- 713-861-3668
HOUSTON (BULK)
15635 Jacintoport Blvd, Suite 100, Houston
TX 77015, U.S.A.
Tel: 1-281-457-3600 Fax: 1-281-457-3601
IRVING (COC)
7701 Las Colinas Ridge, Suite 400, Irving, TX 75063 U.S.A.
Tel: 1-972-373-3000 Fax: 1-972-373-3119
KANSAS CITY
1420 N.W. Vivion Road, Suite 104, Kansas City
MO 64118, U.S.A.
Tel: 1-816-746-6964 Fax: 1-816-746-8457
LOS ANGELES
10 Point Drive, Suite 460, Brea, CA 92821, U.S.A.
Tel: 1-714-255-2000 Fax: 1- 714-255-2090
LOS ANGELES (BULK)
301 East Ocean Blvd.,Suite 265, Long Beach
CA 90802, U.S.A.
Tel: 1-562-279-0615 Fax: 1-562-279-0617
NEW BUILDING & TECHNICAL TEAM.(ULSAN)
1, Cheonha-Dong, Dong-Gu, Ulsan, Korea
Tel: 82-52-202-5676 Fax: 82-52-252-7146
INCHEON OFFICE
104-1, 7 ga, Hang-Dong, Jung-Gu, Incheon, Korea
Tel: 82-32-884-3071 Fax: 82-32-884-3073
POHANG OFFICE
810-1, Goe-Dong, Nam-Gu, Pohang
Gyeongsangbuk-Do, Korea
Tel: 82-54-285-4322/3 Fax: 82-54-285-4324
KWANGYANG OFFICE
775, Doe-Dong, Kwangyang, Jeollanam-Do, Korea
Tel: 82-61-791-5140 Fax: 82-61-791-8212
MASAN OFFICE
472-1, Bongam-dong, Masan-si, Gyeongsangnam-do
Korea
Tel: 82-55-293-0585 Fax: 82-55-293-0586
ULSAN OFFICE
178-1, Jangsaengpo-Dong, Nam-Gu, Ulsan, Korea
Tel: 82-52-269-0293 Fax: 82-52-269-0294
OVERSEAS SUBSIDIARIES
HYUNDAI MERCHANT MARINE (AMERICA), INC.
IRVING
222 West Las Colinas Blvd., Suite 700, Irving
TX 75039, U.S.A.
Tel: 1-972-501-1100 Fax: 1-972-501-1190
HYUNDAI AMERICA SHIPPING AGENCY, INC.
IRVING (AHQ)
222 West Las Colinas Blvd., Suite 700, Irving
TX 75039, U.S.A.
Tel: 1-972-501-1100 Fax: 1-972-501-1190
ATLANTA
100 Galleria Parkway, Suite 1360, Atlanta, GA 30339
U.S.A.
Tel: 1-770-933-1325 Fax: 1-770-952-2083
BOSTON
100 Cummings Center, Suite 427A, Beverly
MA 01915, U.S.A.
Tel: 1-978-922-5050 Fax: 1-978-922-4774
HYUNDAI MERCHANT MARINE CO., LTD.-----59
MEMPHIS
5050 Poplar Avenue, Suite 1625, Memphis
TN 38157, U.S.A.
Tel: 1-901-681-4380 Fax: 1-901-681-4383
MINNEAPOLIS
8009 34th Ave., Suite 1460, South Bloomington
MN 55425, U.S.A.
Tel: 1-952-893-1345 Fax: 1-952-893-1718
NEW JERSEY
65 Challenger Road, 4th Floor, Ridgefield Park
NJ 07660, U.S.A.
Tel: 1-201-373 3500 Fax: 1-201-373-3501
PORTLAND
121 S.W. Salmon St., Suite 1050, Portland
OR 97204, U.S.A.
Tel: 1-503-224-1112 Fax: 1-503-224-3434
SAN FRANCISCO
455 Market St., Suite 2050, San Francisco
CA 94105, U.S.A.
Tel: 1-415-536-2700 Fax: 1-415-536-2711
SEATTLE
6840 Fort Dent Way, Suite 300, Seattle, WA 98188
U.S.A.
Tel: 1-206-988-5481 Fax: 1-206-343-1212
ST. LOUIS
11132 South Town Square, Suite 203, St. Louis
MO 63123, U.S.A.
Tel: 1-314-416-4488 Fax: 1-314-416-4499
VANCOUVER
543 Granville Street, Suite 1400, Vancouver
B.C. V6C 1X8, Canada
Tel: 1-604-601-2900 Fax: 1-604-687-2396
TORONTO
2800 Skymark Avenue,Suite 500
Mississauga, Ontario L4W 5A6, Canada
Tel: 1-905-625-1663 Fax: 1-905-625-1415
REGIONAL CUSTOMER SERVICE CENTERS
PHOENIX RCSC
9977 North 90th St. Suite 270, Scottsdale
AZ 95858, U.S.A.
Tel: 1-480-627-1500 Fax: 1-480-627-1572
HYUNDAI MERCHANT MARINE
(DEUTSCHLAND) GMBH
HAMBURG
Herrengraben 3, D-20459 Hamburg, Germany
Tel: 49-40-369-540 Fax: 49-40-363-443/439
BREMEN
BR 02, Hillmannplatz 13/15, D-28195 Bremen
Germany
Tel: 49-421-173-520 Fax: 49-421-173-5299
DUESSELDORF
Graf-Adolf Strasse 72-74, Duesseldorf, Germany
Tel: 44-211-935-7100 Fax: 44-211-935-7101
FRANKFURT
Kaiserstrassee 63, D-63065 Offenbach, Germany
Tel: 49-6109-32077 Fax: 49-6109-31315
PRAHA (CZECH)
Stimbuilding 8th Fl., Vinohradska 184 CZ-13052
Prague 3, Czech Republic
Tel: 420-267-132-151 Fax: 420-267-132-120
WARSAW (POLAND)
125/127 Aleje Jerozolimiskie Avenue
02-017 Warsaw, Poland
Tel: 48-22-621-64-15 Fax: 48-22-621-97-40
CONTAINER DEPOT UND REPARATUR
HAMBURG GMBH
HAMBURG
Am Radeland 5, D-21079, Hamburg, Germany
Tel: 49-40-792-4561 Fax: 49-40-792-7843
HYUNDAI MERCHANT MARINE
(NETHERLANDS) B.V.
ROTTERDAM
Westblaak 180, 3012 KN Rotterdam, Netherlands
Tel: 31-10-280-2555 Fax: 31-10-280-0325
HYUNDAI MERCHANT MARINE (BELGIUM) N.V.
ANTWERP
Antwerp Tower, De Keyserlei 5, BUS 5
2018 Antwerpen, Belgium
Tel: 32-3-206-0300 Fax: 32-3-227-3087
HYUNDAI MERCHANT MARINE (FRANCE) S.A.
LE HAVRE
3rd & 4th Fl., Oceane Bldg., 2 Avenue Foch
76600 Le Havre, France
Tel: 33-2-3519-7050 Fax: 33-2-3519-7094
CHICAGO RCSC
1 Pierce Place, Suite 1325 Itasca, IL 60143
U.S.A.
Tel: 1-630-931-4900 Fax: 1-630-931-4985
CHARLOTTE RCSC
11440 Carmel Commons Blvd., Suite 206
Charlotte, NC 28226, U.S.A.
Tel: 1-704-972-3100 Fax: 1-704-972-3175
HYUNDAI INTERMODAL, INC.
IRVING
222 West Las Colinas Blvd., Suite 700, Irving
TX 75039, U.S.A.
Tel: 1-972-501-1301 Fax: 1- 972-501-1190
IRVING (OPERATION CENTER)
7701 Las Colinas Ridge, Suite 400
Irving, TX 75063, U.S.A.
Tel: 1-972-373-3100 Fax: 1-972-373-3119
WASHINGTON UNITED TERMINALS, INC.
TACOMA
1815 Port of Tacoma Road Tacoma, WA 98421
U.S.A.
Tel: 1- 253-396-4900 Fax: 1- 253-396-4921
CALIFORNIA UNITED TERMINALS, INC.
LONG BEACH
1200 Pier E. Street Long Beach, CA 90802, U.S.A.
Tel: 1-562-435-8235 Fax: 1-562-432-6430
HYUNDAI MERCHNT MARINE (EUROPE) LTD.
LONDON
4th Fl., City Reach, 5 Greenwich View Place
London E14 9NN, U.K.
Tel: 44-20-7477-6000 Fax: 44-20-7477-6950
BIRMINGHAM
2nd Fl., Suite 2D St.Georges Court
1 Albion Street Hockley, Birmingham B1 3AH U.K.
Tel: 44-121-200-2633 Fax: 44-121-200-29071
MANCHESTER
4th Fl., Trafford House, Chester Road
Manchester M32 0RS, U.K.
Tel: 44-161-877-1243 Fax: 44-161-876-7969
SOUTHAMPTON
204/207 Berths, Western Docks, Southampton
Hampshire SO15 1DA, U.K.
Tel: 44-23-8078-7700 Fax: 44-23-8078-7233
60----- ANNUAL REPORT 2007
HEADQUARTERS & GLOBAL NETWORK
DUNKERQUE
Hotel Des Technologies Sectuer Neptune 123
Rue De I’ecluse Trystram 59140 Dunkerque, France
Tel: 33-3-2865-8140 Fax: 33-3-2865-8149
LYON
2nd Fl., Building 2 Le Parc Du Lyonnais 392
Rue Des Mercieres 69140 Rillieux La Pape, France
Tel: 33-4-3756-1110 Fax: 33-4-3756-1119
PARIS
4, Place Immeuble Les Saisons
92400 Courbevoie-La Defense 1, Paris, France
Tel: 33-1-55-91-90-45 Fax: 33-1-55-91-90-54
STRASBOURG
Valparc-Immeuble Tourmaline, 3 Rue Du Parc
67205 Oberhausbergen, France
Tel: 33-3-90-20-55-70 Fax: 33-3-90-20-55-79
MARSEILLE
1st etage Grand Panorama 114 bdv Jean Labro
13016 Marseille, France
Tel: 33-4-36-32-00-30 Fax: 33-4-36-32-00-39
HYUNDAI MERCHANT MARINE
(SCANDINAVIA) AB
GOTHENBURG
Forsta Langgatan 21, Box 7154, Se-402 33
Gothenburg, Sweden
Tel: 46-31-704-8100 Fax: 46-31-704-8192
COPENHAGEN
Strandlodsvej 48, DK-2300 Copenhagen S, Denmark
Tel: 45-32-87-25-25 Fax: 45-32-97-25-21
OSLO
Gjerdrumsvei 12, 0484 Oslo, Norway
Tel: 47-22-02-17-00 Fax: 47-22-02-17-01
HELSINKI
Teknobulevardi 3-5, 01530 Vantaa, Helsinki, Finland
Tel: 358-9-825-4020 Fax: 358-9-825-40250
HYUNDAI MERCHANT MARINE (ITALY) S.R.L.
GENOA
Via G.Pedemonte no.16/1, 16149 Genova, Italy
Tel: 39-10-6439-7232 Fax:39-10-6465-215
MILANO
Via Ludovico di Breme 25, 20156 Milano, Italy
Tel: 39-2-33411470 Fax:39-2-38000480
BEIJING
Room 506, Hyundai Millennium Tower, NO. 38 Xiaoyun
Road, Chaoyang District, Beijing 100027, China
Tel: 86-10-8453-8071 Fax: 86-10-8453-8040
CHONGQING
Room 1105, Metropolitan Tower, No. 68 Zourong Road
Chongqing 400010, China
Tel: 86-23-63817682 Fax: 86-23-63817681
HANGZHOU
Room 1705, Tower A, Zhongda Plaza
Hangzhou 310003, China
Tel: 86-571-8577-7670 Fax: 86-571-8577-7676
NANJING
Suite B1/B2, 15th Fl., Golden Eagle Int’l Executive B/D
No. 89 Hanzhong Road, Nanjing 210029, China
Tel: 86-25-8472-1401 Fax: 86-25-8470-0409
NINGBO
Room 1703-1704, The Bund B/D, No. 132 Ren Min Road
Ningbo 315000, China
Tel: 86-574-8765-8851 Fax: 86-574-8765-8860
SHIJIAZHUANG
Room 909, Sino Chem B/D. Lian Meng Road 707
Shijiazhuang 050061, China
Tel: 86-311-778-9988 Fax: 86-311-776-1334
WUHAN
Room 2804, Merchants Bank B/D.
No. 66-5 Youth Road, Wuhan 430022, China
Tel: 86-27-85743265 / 85743735
Fax: 86-27-85743850
YANTAI
Room 809, Qili Mansion, No. 80 Chaoyang Street
Yantai 264001, China
Tel: 86-535-6228292 Fax: 86-535-6228291
HYUNDAI MERCHANT MARINE (HONG KONG) LTD.
HONG KONG
Suite 1601-6 & 14, Tower 6, The Gateway, 9 Canton
Road Ttsim Sha Tsui, Kowloon, Hong Kong
Tel: 852-2514-4100 Fax: 852-2522-1062
HONG KONG (TERMINAL OFFICE)
Units 307-308, Hutchison Logistics Centre
3rd FL., Office Tower, 18 Container Road South
Kwai Chung, New Territories, Hong Kong.
Tel: 852-2419-0118 Fax: 852-2419-0100
HYUNDAI MERCHANT MARINE (CIS) LLC
ST. PETERSBURG
6a Liflyandskaya Str / Bumajnaya str 18
Office 210 Business Center “Portal”
St. Petersburg, Russia
Tel: 7-812-313-0073 Fax: 7-812-313-0076
HYUNDAI MERCHANT MARINE
(JAPAN) CO., LTD.
TOKYO
31st Fl., World Trade Center, 2-4-1 Hamamatsu-cho
Minato-ku, Tokyo 105-6104, Japan
Tel: 81-3-5425-4711 Fax: 81-3-5425-4774
OSAKA
Higobashi Nittai B/D 9F, 1-10-2 Edobori 1-Chome
Nishi-ku, Osaka 550-0002, Japan
Tel: 81-6-6449-0888 Fax: 81-6-6449-0889
YOKOHAMA
5th Fl., Telwell Yokohama B/D, 223-1, Yamasita-cho
Naka-ku, Yokohama, Kanakawa-ken, Japan
Tel: 81-45-662-0850 Fax: 81-45-662-0851
HYUNDAI MERCHNT MARINE
(CHINA) CO., LTD.
CHINA HEADQUARTERS (SHANGHAI)
33,34th floor Harbour Ring Plaza, No 18 Xi Zhang
Middle Road, Shanghai 200001, P.R.China
Tel: 86-21-6122-7208 Fax: 86-21-6122-7297
DOCUMENTATION CENTER (SHANGHAI)
18th FL., Gangtai Plaza, No.700, Yanan Road(E)
Shanghai, 200001 China
Tel: 86-21-2322-6701 Fax: 86-21-2322-6777
DALIAN
Room 1603~1604, Gold Name Tower, No. 68 Renmin
Road, Zhongshan District, Dalian 116001, China
Tel: 86-411-8273-3988 Fax: 86-411-8273-4202
QINGDAO
Room 301, B/D. C FullHope Plaza, 12 Hong Kong
Central Road, Qingdao 266071, China
Tel: 86-532-8502-7160 Fax: 86-532-8502-7235
TIANJIN
Room 2901, The Exchange Office Tower, 189 Nanjing
Road, Heping District, TIANJIN 300051,China
Tel: 86-22-8331-1151 Fax: 86-22-2339-4031
SHENZHEN
Units 701-3, Tower 1, World Finance Center, 4003
Shen Nan Dong Lu, Lo, Wu, Shenzhen 518008, China
Tel: 86-755-2598-0066 Fax: 86-755-2598-0488
FUZHOU
Unit 1907, Worldwide Plaza, 158 Wusi Road
Gu Lou District, Fuzhou 350003, China
Tel: 86-591-87401677 Fax: 86-591-87401177
GUANGZHOU
Room 2701, Guangzhou Goldlion Tower
No. 138 Tiyu Road East, Guangzhou 510620, China
Tel: 86-20-38780825 Fax: 86-20-38780835
XIAMEN
Unit 1515, The Bank Center
No. 189 Xia He Road, Xiamen, Fujian 361003, China
Tel: 86-592-2680298 Fax: 86-592-2680258
YANTIAN
Room 603-605, Terminal Office B/D, YICT Ltd.
Yantian Port , Sha Tou Jiao, Shenzhen 518081, China
Tel: 86-755-2529-0652 Fax: 86-755-2529-0654
CHANGWAN CONTAINER SERVICE LTD.
HONG KONG (DEPOT)
DD 125, Lot 1812, Ping Ha Road Lau Fau Shan
New Territories, Hong Kong
Tel: 852-2472-4398 Fax: 852-2472-0387
HYUNDAI MERCHANT MARINE
(SINGAPORE) PTE. LTD.
SOUTH-EAST/WEST ASIA HEADQUARTERS
7, Temasek Boulevard, #41-1, Suntec City Tower One
Singapore 038987, Republic of Singapore
Tel: 65-6339-9844 Fax: 65-6336-9422
HYUNDAI MERCHANT MARINE (THAILAND) CO., LTD.
BANGKOK
2nd FL., Vibulthani Tower 1, 3195/7 Rama Iv Road
Klongtan Klongtoey, Bangkok 10110, Thailand
Tel: 66-2-661-4440 Fax: 66-2-661-4442
LAEM CHABANG
Room 208, 2nd Fl., Laem Chabang Int’l Co., Ltd B/d.
P.O. Box 11, Laem Chabang Terminal, Toong Sukla
Sriracha, Chonburi 20230, Thailand
Tel: 66-38-491-232, 491-237/9 Fax: 66-38-490-171
SONGKHLA
Room 5D, 5th Fl., Chaiyong B/D., 7-15 Jootee-Uthit
1 Road, Hadyai Songkhla 90110, Thailand
Tel: 66-74-346-456/8 Fax: 66-74-346-459
HYUNDAI MERCHANT MARINE
(MALAYSIA) SDN., BHD.
KLANG
Suite 8.01, Level 8, Menara Trend, Intan Millennium
Square, No 68, Jalan Batai Laut 4, Taman Intan
41300 Klang, Selangor Darul Ehsan, Malaysia
Tel: 60-3-3005-7077 Fax: 60-3-3005-7377
JOHOR BAHRU
20th FL., Unit 20D, Metropolis Tower, Jalan Tebrau
80300 Johor Bahru, Malaysia
Tel: 60-7-334-2000 Fax: 60-7-334-5200
PENANG
18th FL., MWE Plaza Unit 2~4, No. 8, Lebuh Farquhar
10200 Penang, Malaysia
Tel: 60-4-264-3866 Fax: 60-4-264-3853
HYUNDAI MERCHANT MARINE INDIA PVT. LTD.
MUMBAI
601 / 602, 6th Floor, Viraj Tower, Andheri Kurla Road
Junction, Western Express Highway, Andheri (E)
Mumbai 400069, India
Tel: 91-22-4000-1111 Fax: 91-22-2682-0380
NEW DELHI
India Mall Corporate Tower, 2nd Floor, Community
Centre, New Friends Colony, New Delhi 110065, India
Tel: 91-11-41633371-75 Fax: 91-11-41633376
CHENNAI
Ega Trade Center, Door No.318, 3rd Flr, Poonamallee
High Road, Kilpauk, Chennai 600010, India
Tel: 91-44-43435100 Fax: 91-44-43435101
NHAVA SHEVA
Seabird Marine Services Pvt. Ltd., CFS
1st Floor, Plot No. 70/81, Sector-1
Dronagiri Node, Taluka Uran, Dist. Raigad
Navi Mumbai 400 707, India
Tel: 91-22-2724-0086 Fax: 91-22-2724-0029
HYUNDAI OCEAN PIONEER
SHIPPING AGENCY CO., LTD.
TAIPEI
37 Chi-nan Road, Section 2
Taipei 100, Taiwan
Tel: 886-2-2355-8810 Fax: 886-2-2397-1320
HYUNDAI MERCHANT MARINE
(TAIWAN) CO., LTD.
KAOHSIUNG
2-3, Tung-Ya South Road, Hsiao Gang District
Kaohsiung 812, Taiwan
Tel: 886-7-823-7112 Fax: 886-7-822-2906
HYUNDAI MERCHANT MARINE
(VIETNAM) CO., LTD.
HO CHI MINH
12th FL, VP Tower, 81 - 85 Ham Nghi, District 1
Ho Chi Minh City, Vietnam
Tel: 84-8-824-7198 Fax: 84-8-823-3791
HYUNDAI MERCHANT MARINE (U.A.E) LLC
DUBAI
Flat No. 701/702, New Rais Hassan Saadi B/D.
Khalid Bin Al Waleed Road
30116 Dubai, U.A.E.
Tel: 971-4-393-3824 Fax: 971-4-393-3886
OVERSEAS OFFICES
SYDNEY
Suite14.01, Level 14, 130 Pitt St., Sydney
NSW 2000, Australia
Tel: 61-2-9211-1795 Fax: 61-2-9281-2116
MELBOURNE
Level 5, 20-22 Albert Road
South Melbourne, VIC 3205, Australia
Tel: 61-3-9682-7778 Fax: 61-3-9682-7885
JAKARTA
Wisma BSG, 6th FL., JI Abdul Muis No 40
Jakarta 10160, Indonesia
Tel: 62-21-385-5372 Fax: 62-21-344-0674
HYUNDAI MERCHANT MARINE CO., LTD.66 Jeokseon-Dong, Jongno-Gu, Seoul, Korea, 110-052 TEL: 82-2-3706-5114 FAX: 82-2-734-8496
www.hmm21.com
HM
M Annual R
eport 2007