a gateway to the globe - · pdf filehmm annual report 2007. contents ... 28 _ project cargo...

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...


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


Kim Seong-Man

President & CEO


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.


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.


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


We will continue to diversify our service portfolio byextending our reach to the Asia-Red Sea and Asia-SouthAmerica trades.

Container Service


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.

()

HYUNDAI BRAVE

8,600TEU



Gas Carrier ServiceSince HMM began LNG transportation in 1994, it has been thelargest such operator in Korea.


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.)

()

HYUNDAI COSMOPIA

135,000CBM



Tanker ServiceTanker service has been at the center of HMM’s business for thepast few years, and we aim to maintain our leading role.


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.

()

UNIVERSAL QUEEN

310,000DWT



Tramper ServiceHMM’s tramper service offers flexible, reliable, professional servicethat efficiently accommodates a wide range of customer needs.


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.

()

HYUNDAI CONTINENTAL

200,269DWT



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.


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.

()

HYUNDAI TREASURE

48,821DWT


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



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.



Terminal & Logistics ServiceⅡ.Terminal Service


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


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



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.


HMMA has shown itscommitment tocustomer service in avariety of ways andtakes special pride in itsRegional CustomerService Centers.


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


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.




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.


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



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


Highlights of 2007include our expansioninto Red Sea and SouthAmerica routes, alongwith added routes toEurope and theMediterranean.



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


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


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.


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


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


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)


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)


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


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


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.


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


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.


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


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


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


Owned and Chartered over two years

Mill Reef

DL Calla

Gas Aries

2008

1990

1991


47,000

44,637

44,493

58,800

48,096

46,731

World Majesty

Golden Accord

DL Aster

Oriental Wisteria

1991

1990

2007

2001


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


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


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


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



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

(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.


(Taiwan) Co., Ltd.


(U.A.E.) LLC

- Sydney Office

- Melbourne Office

Overseas Organization

HMM America


(Europe) Ltd.


(Deutschland) GmbH

- Container Depot und Reparatur

Hamburg GmbH


(Netherlands) B.V.


(Belgium) N.V.


(France) S.A.


(Scandinavia) AB

- Hyundai Merchant Marine (Italy)

S.R.L

- Hyundai Merchant Marine (CIS)

LLC

HMM Europe


(Singapore) Pte. Ltd.


(Thailand) Co., Ltd.


(Malaysia) Sdn. Bhd.

- Hyundai Merchant Marine India

Pvt. Ltd.


(Vietnam) Co., Ltd.

- Jakarta Office

South-East/West Asia

- Hyundai Merchant Marine (China)

Co., Ltd.


Shanghai Co., Ltd.


Tianjin Co., Ltd.


Qingdao Co., Ltd.


Dalian Co., Ltd.


Shenzhen Co., Ltd.


Ningbo Co., Ltd.


Nanjing Co., Ltd.

HMM China

HEADQUARTERS & GLOBAL NETWORK



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)



Tel: 82-51-462-2408 Fax: 82-51-462-7844

MARINE AFFAIRS TEAM. (BUSAN)



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.)



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)



Tel: 82-51-461-6917 Fax: 82-51-462-9855

BULK CARRIER MAINTENANCE & ENGINEERING

TEAM. (BUSAN)



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)


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


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


(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


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


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


(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


(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


(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


(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


(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


(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

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