Hanjin Shipping’s CEO delivers presentation at TPM Conference

Young Min Kim, President& CEO of Hanjin Shipping, who recently took the turn of Trans-Pacific Stabilization Agreement (TSA) Chair, delivered a presentation at the 10th Trans-Pacific Maritime Conference (TPM) held in Long Beach, California from March 1st to March 2nd.

Under the title, “Carriers Look Hopefully to 2010 “, Young Min Kim began his presentation with what difficulties the shipping carriers encountered in 2009 as the demand and freight rates hit the bottom while the supply increased by the continuous introduction of mega-sized vessels in the market. He also explained various measures and efforts the carriers had to make including cost reduction, service rationalization, lay-offs and more in order to survive the time of crisis caused by the global economic recession.

Young Min Kim added that he cannot predict whether or not Hanjin Shipping and other major shipping carriers would be able to return to profitability however, it is clear that the industry-wide behaviors are likely to change after having gone through such severe crisis.

Young Min Kim stressed that there is a lot of homework to do for the shipping industry; the shipping carriers need to work closely together with the shippers to make conductive environment for both sides and for mutual growth. He also added that the carriers and shippers need to cooperate in many areas, especially on environmental issues including eco-steaming and reducing CO2, which is now a world-wide movement.

Source: Transport Weekly