South Korea’s national carrier Hyundai Merchant Marine (HMM) has unveiled a new corporate identity (CI) in a bid to strengthen its brand value even as it continues to post operating losses due to a slump in the shipping industry.
Local media reports said that in the first quarter of the year, the company saw its net loss widen to KRW179 billion (US$149 million) from KRW176 billion a year ago. It also had an operating loss of KRW106 billion in the period, extending its losing streak to 16 consecutive quarters since the second quarter of 2015.
The company said it had narrowed the operating loss in the first quarter from KRW170.1 billion a year earlier, and that sales grew by 18% to KRW1.32 trillion during the same period.
HMM attributed the past quarter’s loss to increased fuel costs stemming from U.S. sanctions on Iran, OPEC members’ agreement to cut oil production, and demands for low-sulfur oil amid the International Maritime Organization’s new maritime regulations.
Moreover, it said the first quarter was a slow season due to the decline in volume after the Chinese New Year holidays, while the U.S.-China trade tensions also hampered recovery.
Meanwhile, Hyundai Merchant’s refreshed logo reflects its “vision and ambition to take a leap forward to the bright future,” according to a release from the shipping liner.
“The new CI features a pride of Korea’s national flagship carrier as well as an intuitive grasp of shipping business. The blue HMM letter embodies the shape of the front of a large ship crossing the ocean, and the red line on top represents the rising sun on the horizon where the ship is sailing,” it said.
The new logo was unveiled by Jae-hoon Bae, the newly appointed president and CEO of HMM, on May 20.
“It is memorable and meaningful for HMM to introduce its new CI today, which is expected to elevate the brand equity and value of the company,” said Jae-hoon. “Based on the strong dedication and willpower that all employees have demonstrated, HMM will make a fresh resolution to become a global top-rated carrier in 2022.”
Last October, HMM had presented its target to expand its fleet capacity to 1 million TEUs and post $10 billion in annual revenue by 2022.
Photo courtesy of HMM
