Korea's HMM has revealed bullish targets for market share and volumes as it defended its ordering of mega-containerships.
In September, it contracted 20 vessels at Korea's big three yards, including twelve 23,000-teu and eight 15,000-teu units.
From delivery in 2020, it expects that fixed costs will significantly decrease, fuel efficiency will largely improve, and bunker costs will "moderately decrease through installed scrubber systems for compliance with IMO 2020 environmental regulations."
It said that utilisation levels and handling volumes have already "significantly increased".
Fleet use was 75% in 2016, but it increased to 78% in the first half of 2018, and it expects more than 80% in the second half of this year.
Volumes have risen 30% from 3m teu in 2016 to 4m teu in 2017 without fleet expansion, and now it is forecasting 4.5m teu for 2018.
"We see 7% market share in east-west trades by 2021 as an achievable goal for HMM with full confidence," it said.
"Therefore, we believe the apprehension that HMM might have difficulties in filling up the mega-containerships is unwarranted."
The restructured company added: "HMM has largely recovered customer trust over the past two years.
"Since HMM’s recent new shipbuilding orders, improved financial stability and Korean public support, customer expectations and trust for HMM’s service has remarkably improved."
HMM also said it would explore "autonomous financing" in the market if needed. It expects its credit rating to be restored.
