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ANNUAL REPORT 2003 HYUNDAI M

ERCHANT MARINE CO., LTD. 2004.5

Always with you, HMM

Contents

004 2004 Shipping Market Prospects

006 Hyundai Group Chairman’s Message

008 CEO’s Message

010 Major Achievements in 2003

012 HMM Service Features

026 HMM Global Network

039 Company Data

HYU

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As a leader in the shipping industry, Hyundai Merchant Marine will continue to set

the pace in the rapidly changing situation with improved service quality and

diversity by utilizing our business philosophy of putting our customer first.

Increasing the

world-wideProfitability in ProsperousShipping Market

HYUNDAI MERCHANT MARINE CO., LTD.

Prospects >> 004 >> 0 0 5

2004 Shipping Market Prospects

During the last couple of years, the ocean

shipping market has seen a radical ‘paradigm shift’.

World manufacturing activities continued

re-locating from developed countries and NIE’s to

developing countries such as China. Consequently,

this has led to the drastically increasing demand for

containerized cargo from China to developed countries

and other Asian nations. Although the shift of

manufacturing activities obliged shippers to control a

more complicated, long-range supply chain, it will

also generate stable containerized cargoes in 2004

and 2005. The container shipping industry will see the

overflow of containerized cargo to other countries and

regions such as Brazil, Eastern Europe, India and

Russia. HMM has been developing the Chinese market

since 1993 with the establishment of Hyundai

Merchant Marine (China) Co., Ltd., and will respond to

increasing cargo demand in other developing nations

to prepare for an expected containership oversupply in

the near future.

The economic development of China has

expanded the demand for raw materials such as iron

ore and grain, and this has caused the dry bulk market

to enjoy rising charter rates and freight rates. Besides,

the world economic recovery led by the United States

has brought higher profitability to the dry bulk market.

Despite the concern about the overheated economy

that seemed to reinforce the Chinese steel industry,

the limited newbuild capacity and steady scrapping of

bulk carriers indicates a healthy dry bulk market

through to 2006.

The early phase-out of single-hulled tankers

through 2010 will contribute to a healthy tanker market

that will also be supported by growing demand from

developing countries such as China, and a world

economic recovery through 2005. HMM will seek to

increase its world-wide profitability with the biggest

tanker fleet in South Korea. Besides, as the biggest

LNG tanker owner/operator in South Korea with

outstanding cargo handling ability, HMM will continue

to meet the increasing demand for LNG global

transportation.

> >

Maximizing Value of the Company

Hyundai Group Chairman’s Message

Hyundai promises to expand shareholder-friendly management and to maximize

the value of the company through responsible board decisions managed by

transparency and probity. “”

Hyundai Group Chairman’s Message >> 006 >> 0 0 7

>>

Dear customers and shareholders,

On behalf of the Hyundai Group, I wish to express my heartfelt gratitude to all our worldwidecustomers and investors for their unwavering support.

The Hyundai Group, founded in 1947 by the former honorary chairman, Chung Ju-yung, hasbecome the epitome of South Korean business and industrial enterprise in five main areas -Construction, Vehicle manufacture, Electronics, Finance and Service. Now the group has been radicallyre-organized into world-class components: Hyundai Engineering & Construction, Hyundai MotorCompany, Hynix Semiconductor and Hyundai Heavy Industries.

In order to strengthen the competitiveness of the Finance and Service wings, Hyundai Group has nowengaged in strategic cooperation with the world’s leading companies. These links center on six affiliatedcompanies - Hyundai Merchant Marine, Hyundai Securities, Hyundai Elevator, Hyundai Logistics,Hyundai Asan Corp. and Hyundai Research Institute. As it diversifies from heavy manufacturing, relyingon its credibility, wide experience and positive outlook, Hyundai is intent on forging mutually-beneficialforeign partnerships.

As I follow honorary chairman, Chung Ju-yung and the former chairman, Chung Mong-hun, leadersin Korean economic development for over 50 years, I will make every effort to develop HMM and theHyundai Group into showpiece companies meeting the highest international standards.

While doing so, Hyundai promises to expand shareholder-friendly management and to maximize thevalue of the company through responsible board decisions managed by transparency and probity.

Once again, I would like to express my deep appreciation to all concerned for their interest andloyalty. I cordially call upon all our overseas customers and investors, to maintain their positive supportas we strive to make Hyundai a respected world-class enterprise in the competitive 21st century.

My thanks and best wishes to you.

Hyundai Group Chairman / Chairman of the Board of Directors

Jeong-eun Hyun

Preparing the Second Beginning

CEO’s Message

President & CEO

Jeong-Ik NohThe Presidential Profile

•Joined Hyundai Engineering & Construction Co., Ltd. in1977.•Moved to Hyundai Corporate Planning & Coordination

Office in 1982.•Senior Vice President of Hyundai Corporate Planning &

Coordination Office in 1997.•Vice-President of Hyundai Strategic Management Team

(ex-Strategic Task Force for Hyundai BusinessManagement), January / February 2000.•Vice-President of Hyundai Capital Services until July

2001.•President & CEO of HMM since September 2002.

Scholarship

•Graduated in Business Administration from SeoulNational University, has a Master in IndustrialEngineering from KAIST (Korea Advanced Institute ofScience and Technology) and a Master in Accountingfrom George Washington University in the U.S.A.

“”

HMM will focus on a variety of ways to increase profitability by taking advantageof this positive world’s shipping market condition.

Dear customers and shareholders,

I am delighted to have this opportunity to present a review of HMM’s 2003 business performance and the2004 business plan.

The year 2003 was difficult in many ways, but fortunately, the shipping market is as upbeat as it was last year.In addition, HMM has been thoroughly audited, and its above-board dealings have been confirmed. We havecreated new foundations and established the principle of transparency, and the result has been the market’simproved confidence in HMM. This success has been possible only through the efforts and devotion of ourcustomers and shareholders.

This year’s shipping market is also expected to be bring in good returns. The recent recovery of the economy,and the rapid growth of the Chinese market make the outlook more promising, and raise the hope that 2004 willbe the most significant for the company. Consequently, I am confident that HMM will continue to earn healthyprofits over the next few years. The company will focus on a variety of ways to increase profitability by takingadvantage of this positive situation.

First, in the container sector, HMM plans to transport 200 million TEUs - up 7% from last year, and willendeavor to make further inroads into the world’s largest Chinese market, through opening new service routes anddeploying additional vessels.

Second, in the Bulk and Tanker business, HMM will devote itself to increasing profitability in the currentbuoyant market conditions. In the LNG area, we will endeavor to create and expand new business in the third world.

Furthermore, we will prepare for cyclical downturns in order to maintain growth despite any adverse marketconditions. By doing so, HMM will emphasize on its “advanced profit structure” concept - raising profits whilereducing costs. We will concentrate on our target of cutting costs by up to USD 100 per TEU.

We will have to further invest in IT to enhance productivity and efficiency through advanced networking.HMM will also pay attention to the relatively small sectors - LNG and Specialized Carrier services - to optimizethe business structure between liner and non-liner sections, and to maintain regular profits during market flat-spots.

All HMM staff will make every effort to prepare for “the second beginning”. I cordially request the additionalsupport of customers and shareholders to bring about the emergence of HMM as a world-ranked integrated-logistics company.

I wish you all success.

Thank you.

President & CEO, Jeong-Ik Noh

CEO’s Message >> 008 >> 0 0 9

>>>>

2 01. New Hyundai Group Chairman

: Jeong-eun Hyun Jeong-eun Hyun, widow of the late Hyundai Group Chairman Chung Mong-

hun, was appointed chairman of Hyundai Group on October.

“In accord with the late chairman’s wishes, I will do my utmost to develop the

Hyundai Group with the board of directors of each autonomous sector being given

responsibility for their own management,” Hyun said. “Through transparent

management and improved shareholders’ dividends, I will work to make the

Hyundai Group a respected market leader.”

Mrs. Hyun was appointed as the chairman of the board of directors of HMM

at the general shareholders’ meeting of March, 2004.

3. Overseas Business StrengthenedHMM established headquarters in Singapore and Shanghai to strengthen

business competitiveness abroad. This step broke from the existing centralized

system focused on Seoul, but was considered essential for continuous expansion

in South-East/West Asia and North China - and to increase competitiveness.

Through this devolved system, HMM expects to speed up business

transactions even further, and to reduce costs by sharing business with the South-

East/West Asia regional headquarters and China headquarters. The general

expectation is for increased turnover and financial efficiency. Specifically, the

company anticipates better control of RF malfunction, claim business, and better

feeder and terminal management.

Before this new development, HMM had operated with two regional

headquarters: one in the United States; and another in Europe.

Major Achievements in 2003

2. Investment in New VesselsOn October 17, HMM concluded a contract to construct and operate five

super-container vessels (6,800 TEU) with Zodiac Maritime Agencies in London.

Also, on November 4, HMM ordered two 300,000 DWT VLCCs (Very Large

Crude Oil Carriers) from Hyundai Heavy Industries.

The investment proves that HMM is prepared for a prosperous future. HMM

plans to become a world-ranked operator through its investment in modern

vessels, and is systematically making progress towards accomplishing its long-

term goals. The five container vessels and two VLCCs will be delivered in 2006.

0 34. Best Shipping Company Awards

HMM was awarded several ‘best shipping company’ awards in 2003.

In early 2003, HMM was selected as a best shipping company by J.C. Penny,

Perseco and Best Buy. And California United Terminals, Inc. (CUT) was recognized

by the Pacific Maritime Association (PMA) as the safest terminal.

In August, the Hyundai Highway, a 2,200 TEU container vessel, was selected

as 2003’s best PSC (Port State Control) ship by inspectors from Busan Regional

Maritime Affairs and Fisheries office. In October, HMM was presented with a

certificate of appreciation for its trading achievements, by the United States

Department of Commerce (Commercial Service). HMM was credited for its

contribution to the economy of Alaska, and for fostering cooperation between the

U.S. and Korean economies.

Major Achievements >> 010 >> 0 1 1

5. Naming Ceremony of the “Hyundai Glory”On October 28, HMM held a ceremony to name the Hyundai Glory, a new

4,700 TEU container vessel at the Mitsubishi Heavy Industries facility in Japan.

The Hyundai Glory is 294 meters long, 32.22 meters broad and 21.85 meters

deep. She is capable of a speed of 25 knots (about 46.3 km).

It is noteworthy that the Hyundai Glory is the first HMM vessel to be

constructed abroad. HMM has completed restructuring and is now focused on

preparing for the expanding container market .

The Hyundai Glory was deployed to the largest market, Asia-North America

service (NYX Service) where market conditions are recovering rapidly.


We connect you to the action

HMM Service Features

HMM’s diverse range of services include a truly worldwide fleet made up of

container vessels, LNG carriers, tankers and bulk carriers, supported by

logistics centers and offices situated at strategic sites around the world.

(As of 2003)

Since its inception in 1976, HMM has striven to become a

premier global shipping and logistics company. We are currently one of

the top five Trans-Pacific carriers and one of the top ten carriers in the

global shipping industry with various sizes of ships for Trans-Pacific,

Asia-Europe, Trans-Atlantic and the Intra-Asia trade.

HMM has expanded its container service to niche markets

in North China and Southeast Asia. Other exciting accomplishments

include: the expansion of the inland live reefer service; an improved

Regional Customer Service Center (RCSC) service; an upgraded web-

based service - sailing schedules, rates request, online booking, cargo

tracking & tracing and internet B/L service, etc.

As a member of The New World Alliance (TNWA) since

1998, HMM has linked with the American President Line (APL) and

Mitsui OSK Line (MOL) to form what is now the best carrier group in

the world. As a result, we now offer our customers incomparable

service dedicated to the Trans-Pacific trade with 54 ships and over

35,000 TEUs space. TNWA will further extend its cooperation by 2007.

HMM is proactive in meeting customer demands and

dedicated to customer satisfaction with a management team which is

customer-oriented and committed to high business ethics, and which is

constantly pursuing innovation and service expansion for the benefit of

customers. Confident of our continued success, we embrace the vision

of becoming the leading shipping and logistics company in the world by

the year 2010.

> >

Global service network- more than 40 sea routes and over 100 ports of call - enablesHMM to cooperate more strategically with the world major shipping companies.

Container Service >> 014 >> 0 1 5

HMM

Service Features

CONTAINERSERVICE

HMM launched its LNG carrier service in 1994 and was the first LNG

transporter in Korea. Starting with the “Hyundai Utopia ”, HMM imported LNG

from Indonesia under a 20-year contract with Korea Gas Corporation, the world-

largest LNG importer. HMM has currently a total of seven LNG carriers in

operation, all engaged in the transport of Korea Gas Corporation cargoes on

several service routes between Korea, Southeast Asia, and the Middle East.

In the LNG transport industry, HMM is the largest owner and

operator in Korea and the worldwide market leader. In 2003, HMM transported

5.5 million tons of LNG which accounted for about 30% of a total 19.0 million

tons of domestic imports.

In recent years, HMM has continuously sought to expand its service

by making the most of its depth of experience in the LNG shipping field. In line

with this effort, HMM will optimize its existing fleet and release surplus capacity

to participate in other areas of opportunity in the U.S.A. / the Middle East and

Europe / the Middle East markets. HMM is also expected to play a major role in

overseas LNG projects.

In the LNG transport industry, HMM is the largest owner and operator in Korea and theworldwide market leader. HMM has continuously sought to expand its service by makingthe most of experience in the LNG shipping field.

> >

LNG SERVICE

LNG Service >> 016 >> 0 1 7

HMM

Service Features

HMM’s Tramper provides a highly efficient, safe service to meet a variety ofcustomer needs.

HMM’s Tramper Service offers a flexible, reliable, professional

service that efficiently accommodates a wide range of customer demands.

A Panamax and Cape-sized fleet transports dry-bulk cargoes such as

coal, iron ore and coke throughout the world on company owned and chartered

vessels, ranging from 60,000 to 200,000 DWT.

A handymax / handy fleet delivers a high quality service transporting bulk cargoes such as

fertilizer, iron ore, coal, cement, grain, sugar, scrap, petcoke and sulphur, etc. Approximately 60

company owned and chartered vessels ranging from 20,000 to 55,000 DWT are engaged in this trade.

A dedicated fleet also transports iron ore, coal and steel products for “POSCO”, “Korea South-

East Power Co., Ltd.” and “Korea East-West Power Co., Ltd.” on 18-year contract terms. The fleet

consists of ten ore/coal carriers, one steel product carrier and one woodchip carrier.

> >

TRAMPERSERVICE

Tramper Service >> 018 >> 0 1 9

HMM

Service Features

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HMM

Service FeaturesIn line with its clear vision of becoming one of the world’s top five tankeroperators, HMM will proceed full-ahead despite any rough-trading waters toacquire a fleet that can offer a second-to-none quality service to customersaround the world.

Tanker Service >> 020 >> 0 2 1

TANKERSERVICE

In 2003, HMM achieved the best results ever in its tanker service thanks to

timely investment and the strong tanker market. In 2003, three VLCCs and one MR

product tanker were added to the fleet, and two VLCCs were ordered, at a very

competitive price, for delivery in 2006. Furthermore, even better results are expected in

2004. Currently, HMM is the top tanker company in Korea with a total fleet of 22

vessels: fifteen VLCCs, one aframax and six product tankers. HMM has achieved

remarkable growth figures year by year since it re-activated its once mothballed tanker

business by taking a delivery of its first modern VLCC, the “Hyundai Star” in 1995.

HMM’s tanker service consists of three sectors - VLCC, Aframax and

product tankers. Its main business is focused on the VLCC segment, which takes up

about 90% of the whole. About 30% of VLCCs are committed to long-term contracts

with domestic oil companies. The rest are operated in the ‘spot market’ on world-wide

routes with reliable charterers. HMM counters the risk posed by the volatility and

uncertainty of the spot market by balancing the ratio of spot and long-term charters.

Aframax and product sectors will be developed and diversified so that HMM

can provide customers with a variety of tailored services. Currently, vessels in these

sectors are traded in the spot market (except for two product tankers which are time-

chartered to Pertamina for 10 years).

In line with its clear vision of becoming one of the world’s top five tanker

operators, HMM will proceed full-ahead despite any rough-trading waters to acquire a

fleet that can offer a second-to-none quality service to customers around the world.

> >

GENERALCARGOSERVICE

Since launching the first bulk service to the Middle East Asia in 1978, HMM has

expanded the service by diversifying its list of scheduled destinations.

HMM offers general cargo services on five main routes, i.e., America Services, Europe

Services, the Persian Gulf Services, Intra-Asia Services and Black Sea Services. All of them link

up with Southeast Asia and the Far East.

> >

General Cargo Service >> 022 >> 0 2 3

HMM

Service Features

The major cargoes are steel and timber products. Steel products are transported from

the Far East to USA/Canada, Great Lakes, the Persian Gulf, Southeast Asia and Europe, and

from the Black Sea to the Far East. Timber products are shipped from Southeast Asia to

USA/Canada, Europe and the Persian Gulf area.

In 2004, HMM aims to carry out 132 voyages, and shift 1,797 thousand tons of steel

products (about 72 voyages) and 1,269 thousand CBM’s of wooden products (about 60 voyages)

on all service routes. These figures include all the minor cargoes such as machinery, glass, and

other project cargoes being carried by vessels ranging in size from 15,000 to 45,000 DWT.

HMM General Cargo Service guarantees punctuality and a highquality service, to live up to the motto “satisfaction for all customers”.

CALIFORNIA UNITED TERMINALS, INC.

California United Terminals, Inc. (CUT), a wholly

owned subsidiary of Hyundai Merchant Marine, is located at the

Port of Long Beach. CUT is the largest multipurpose terminal

on the West Coast and is renowned for its high efficiency and

productivity in container and breakbulk operations, as well as in

terminal and gate operations.

CUT has two deep water berths, five gantry cranes and various yard

equipment. Also it is currently undergoing a major process of expansion and renovation.

Currently, CUT performs a wheeled operation with enhanced customer

service and greater operational efficiency. The terminal will also shortly be provided with

additional berth space and container acreage. CUT uses a highly efficient state-of-the-

art operation system.

TERMINAL & LOGISTICS

Terminal & Logistics >> 024 >> 0 2 5

WASHINGTON UNITED TERMINALS, INC.

Washington United Terminals, Inc. (WUT), opened in

April 26, 1999 in Tacoma, USA. Since its inception, WUT has

played an important role as HMM’s main gateway to and from

Asia.

WUT has 15.5 meters of water depth alongside its two

large berths, and this allows trouble-free vessel maneuvering at all

times. Also, WUT has four Post Panamax Gantry Cranes capable of 18 row outreach, along

with new operational supporting equipment on the 80 acres (324,000 sqm) container yard.

These features, combined with its innovative and integral IT system (internally developed),

enables WUT to provide the most efficient and reliable stevedoring service in the area.

In particular, WUT has 35 acres (142,000 sqm) of on-dock rail facilities, which

can provide non-stop connections directly between vessel and rail for inland cargo (more

than 60% in all trades in PNW area). Additionally, WUT facilitates quick dispatch and receipt

of cargo to and from customers by adopting an all-wheeled mode in yard operations.

Currently, PSW and PNW vessels call at WUT on a weekly basis. To cope with

any future volume increase, WUT has an option to secure another 20 acres (81,000 sqm)

and a third berth if necessary.

HYUNDAI INTERMODAL, INC.

Hyundai Intermodal, Inc. (HII) provides valuable

Intermodal and Logistics Services to HMM in the United States.

HII utilizes major railroad hubs located across the United States

and Canadian rail networks. Its list of clients includes

intermodal marketing companies, domestic manufactures, and

freight consolidators in the domestic business.

HII Central Operations Center (COC) is located in Irving, Texas, and its

regional offices are located in Chicago and New Jersey.

HII can be divided into four distinct groups: HII Operations, Rail Marketing,

Truck Marketing and HII Domestics. It strives to provide the highest level of service to all

customers through direct links between sales, operations and marketing staff.

HMM has an overseas global network consisting of 4 regional headquarters,

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With HMM the ocean belongs

to you

HMM Global Network

22 subsidiaries, 64 overseas offices and 6 branch offices.

“Thinking globally, acting locally.”


HMM knows where it wants to go...to the top. The company

established its subsidiary in North America, Hyundai Merchant Marine

America, in 1983. HMM is committed to becoming the world’s leading

ocean and intermodal service provider, through innovative technologies,

expansion of coverage, and by improving service and equipment quality.

America Network >> 028 >> 0 2 9

HMM allows customers to do business whenever, wherever and however they choose,

through its large service network, including 21 sales offices, three Regional Customer Service Centers

(RCSC), and a Centralized Operations Center (COC).

HMM has a company-wide focus on technology that includes the web portal www.hmm21.com

(featuring CustomerPlus). The HMM sales force in North America is proactive in the customers’ needs

and will make every effort to ensure that all their interests are taken care of. RCSCs are located in

Phoenix, Chicago and Charlotte, where they handle customer service and documentation for their

respective regions. COC, located in Irving, Texas, is an operation center for equipment supply and inland

transportation.

For 2004, it will be expanding its service coverage toward China with a Pacific China Express

(PCX) service to be launched in April.

These achievements spur HMM toward its goals, and generate customer and employee

satisfaction.

HeadquartersSubsidiaryOverseas OfficeBranch Office

Coatbridge Denmark

Sweden

Norway

FelixtoweManchesterBirmingham

Southampton

Le HavreParis

RotterdamAntwerpDuesselodorf

Frankfurt

MoscowHamburgBremen

London

HeadquartersSubsidiaryOverseas OfficeBranch Office

Coatbridge Denmark

Sweden

Norway

FelixtoweManchesterBirmingham

Southampton

Le HavreParis

RotterdamAntwerpDuesselodorf

Frankfurt

MoscowHamburgBremen

London

Hyundai Merchant Marine (Europe) Ltd. has been in London since 1996 - an acknowledged

center of the global shipping business, and insurance and finance.

As a European HQ, its management scope includes activities relating to Marketing, Finance,

Equipment, Operation, Intermodal and IT in association with 8 offices and 13 agency representatives

throughout Europe.

During 2003, we extended our personal office network to Sweden, Denmark and Norway. This

move further demonstrates our commitment to developing customer relations in Scandinavia.

During 2004 our mutual objectives are simple:

- to optimize the quantity and quality of business

- to efficiently manage costs

- to develop e-commerce options

- to further develop and expand niche markets

- to increase customer confidence and satisfaction.

With the help of the whole HMM family, our goals are achievable.

Hyundai Merchant Marine (Europe) Ltd. is working to expand its European territory andrationalize its business portfolio, and is confident that it will become a competitiveleading player in this area.

Europe Network >> 030 >> 0 3 1

-


Established in Singapore at the early part of2003, South-East/West Asia Headquarters (SHQ) isresponsible for managing South-East & West Asia. Itplays a management role in 11 countries, overseasequipment-control in 13, and offers IT support for a totalof 19 countries.

The company’s common goal is enhancingprofitability, and SHQ exercises jurisdiction over businesspromotion, procedural improvements and cost cuttingmeasures.

-South-East/West Asia Network >> 032 >> 0 3 3

Singapore, the world’s second busiest port next to Hong Kong, handles about 18.2 million

TEUs per year and is ideally located to function as a hub connecting East and West through modern

terminal facilities.

SHQ’s organization includes major subsidiaries such as Singapore, Thailand and Malaysia as

well as branch offices in Indonesia and India, where there are rapid rises in trade volumes. SHQ handles

marketing and pricing for TPS, Europe, India and Australia trades and keeps in close contact with major

global customers.

Since SHQ has been established, individual functions have been stabilized step by step;

valuable customers and high paying cargoes have been secured, and costs have been rigorously

controlled. As a result, SHQ is confident that it will continue to achieve even greater success in 2004.

The newly established CHQ will carve out more business opportunities by providing the best possible one-stop service to customers, to guaranteesuccess for both HMM and its customers.

China Network >> 034 >> 0 3 5

HMM established China Headquarters (CHQ) in Shanghai on November 3rd, 2003, in the

interests of competitiveness and business expansion. CHQ is in charge of business in China, and has

branches in Shanghai, Tianjin, Qingdao and Dalian. It also has representative offices in Beijing, Ningbo,

Nanjing, Hangzhou, Wuhan, Chongqing, Shijiazhuang and Yantai, including the Guangzhou and Xiamen

offices under Shenzhen for legal and accounting issues.

With independence from direct HMM Seoul supervision, it should be much easier for CHQ to

meet the requirements of the local market, and this will benefit business development in China. CHQ’s

range of responsibility includes marketing, pricing, documentation, as well as logistics and equipment.

The newly established CHQ will carve out more business opportunities by providing the best

possible one-stop service to customers, to guarantee success for both HMM and its customers.

Hyundai Merchant Marine (Japan) Co., Ltd. has three main

offices in Tokyo, Yokohama and Osaka, and three local agencies located

in Nagoya, Shimizu and Hakata, as of April 1, 2004.

We have six services (PS3, GCX, PNW, APX, NUE, PSW) in

TPS, two services (AEX, JEX) in Europe, and four services (JTS, NAX,

KMS, SMS) in Asia as well as recently emphasized inter port services.

In 2004, HMM Japan will focus on three targets to fully

support the company’s common goal of ‘Increasing unit revenue per TEU

to $100 by 2005’.

The first target is to increase the unit revenue per TEU to $50

through high-yielding sales (high CM2) activity. The second is to reduce

the unit cost per TEU to $25 by analyzing area costs and by the efficient

management of terminals and depots. The third aim is to improve the job

performance of each staff member, and to maximize management

efficiency.

Japan / Hong Kong >> 036 >> 0 3 7

Hyundai Merchant Marine (Hong Kong) Co., Ltd. was

established in 1992 as a general agency with the launch of a European

service, and the expansion of its business interests.

With the growth of cargo sources and production plants shifted

to southern China, HMM Hong Kong has established South China offices

in Shenzhen and Guangzhou (in Guangdong province) and Xiamen and

Fuzhou (in Fujian province).

Today, HMM Hong Kong and southern China offer customers

a diversity of services from Hong Kong, Guangdong province and Fujian

province to North America, Europe and the Mediterranean, Asia, Australia

and New Zealand, the Indian-Subcontinent, and the Middle East. It has

added more China direct-call services in southern China from Yantian,

Chiwan, Shekou and Xiamen to the rest of the world.

To meet the increasing challenges and demands of e-

business, HMM Hong Kong has promoted the use of a customer

homepage www.hmm21.com and the partner global-shipping logistics-

portal GT Nexus. In 2003 HMM Hong Kong and South China accounted

for over 80% of HMM’s total online bookings.

In 2004, HMM Hong Kong will focus on continually expanding

its services to other parts of China. Also it will strengthen its foothold in

the fast developing Chinese market by assuring customers that quality

services will be delivered.

Hyundai Ocean Pioneer Shipping Agency Co., Ltd.,

located in Taipei, was established in 1999 as a joint venture with a

local agency and became a 100% owned subsidiary of HMM in

2000. With 70 staff and a branch office in Kaohsiung, it provides

HMM customers with quality transportation services on major trade

routes, covering the USA, Europe, the Middle East, as well as Intra

Asia.

In 2004, we will maximize earnings ratios through

continuous cost-saving, and will provide customers with a high

quality service through an upgraded IT network and the resultant

close cooperation with HMM offices worldwide.

The Kaohsiung Hyundai Terminal (KHT) - an exclusive

terminal for HMM since 1996 - was granted the first ever Terminal

Self Management license by the customs authority in April 2000. It

also achieved Best Contribution Terminal status in 2003 with a 40%

volume increase over 2002. As a 3rd generation terminal operation

system, terminal efficiency and productivity were improved in

association with increased trade including trans-shipments.

Implementing cost savings and efficiency improvements,

without compromising safety, will be the ongoing goal in the coming

year.

Since its inception in 1976, Hyundai

Merchant Marine (HMM) has

continuously striven to become a

premier global shipping and logistics

company. We are currently one of the

top 5 Trans-Pacific carriers and one of

the top 10 carriers in the global shipping

industry with various sizes of ships for

Trans-Pacific, Asia-Europe, Trans-

Atlantic and Inter-Asia trade.


040 Financial Statements

042 HMM’s Development

046 Managing Staff

048 Management Organization

050 Fleet List

052 Headquarters & Overseas Network

Company Data

BALANCE SHEET (Unit : Thousands of)

STATEMENTS OF INCOME (Unit : Thousands of)

Korea Won U.S. Dollars

Account 2003 2002 2003 2002

Assets 4,267,442,242 4,924,641,335 3,562,734 4,102,500

Ⅰ. Current assets 1,006,761,307 1,178,807,587 840,509 982,012

[1] Cash and cash equivalents 8,623,929 3,874,868 7,200 3,228

[2] Inventories 43,146,540 50,134,048 36,021 41,764

Ⅱ. Non-current assets 3,260,680,935 3,745,833,748 2,722,225 3,120,488

[1] Investments 608,060,607 712,162,363 507,648 593,271

[2] Property, Plant & Equipment 2,641,963,894 3,022,566,421 2,205,680 2,517,966

[3] Intangible assets 10,656,434 11,104,965 8,897 9,251

Liabilities 3,710,252,270 4,392,118,456 3,097,556 3,658,879

Ⅰ. Current liabilities 1,556,474,774 1,953,278,414 1,299,445 1,627,190

Ⅱ. Long-term liabilities 2,153,777,495 2,438,840,042 1,798,111 2,031,689

Shereholder’s equity 557,189,972 532,522,879 465,178 443,621

Ⅰ. Capital stock 515,366,145 515,366,145 430,261 429,329

Ⅱ. Capital surplus 858,235,357 858,235,357 716,510 714,958

Ⅲ. Retained earnings (Deficit) △658,553,010 △637,646,933 △549,802 △531,195

Ⅳ. Capital adjustment △157,858,520 △203,431,691 △131,790 △169,470

Total Liabilities & Shareholder’s equity 4,267,442,242 4,924,641,335 3,562,734 4,102,500


Account 2003 2002 2003 2002

Ⅰ. Sales 3,944,676,020 4,628,910,405 3,278,160 3,663,301

Ⅱ. Cost of sales 3,578,695,312 4,510,757,649 2,974,018 3,569,795

Ⅲ. Gross profit 365,980,708 118,152,756 304,142 93,505

Ⅳ. Operating income 288,326,928 △18,426,278 239,610 △14,582

Ⅴ. Ordinary income 19,940,817 79,933,883 16,571 63,259

Ⅵ. Income before income taxes 19,940,817 79,933,883 16,571 63,259

Ⅶ. Net income △20,906,078 40,239,788 △17,374 31,846

Financial Statements

STATEMENTS OF CASH FLOWS (Unit : Thousands of)


Account 2003 2002 2003 2002

Ⅰ. Cash flows from operating activities 176,665,607 11,022,530 146,815 8,723

Ⅱ. Cash flows from investing activities 307,842,546 2,166,840,926 255,828 1,714,829

Ⅲ. Cash flows from financing activities △479,759,092 △2,205,049,381 △398,696 △1,745,067

Ⅳ. Net increase (decrease in cash and 4,749,061 △27,185,924 3,947 △21,515

cash equivalents((Ⅰ+Ⅱ+Ⅲ)))

Ⅴ. Cash and cash equivalents 3,874,868 31,060,793 3,220 24,581

at beginning of the year

Ⅵ. Cash and cash equivalents 8,623,929 3,874,868 7,167 3,067

at end of the year

STATEMENTS OF DISPOSITION OF ACCUMULATED DEFICIT (Unit : Thousands of)


2003 2002 2003 2002

Ⅰ. Deficit before dispositions : △746,431,624 △741,773,198 △620,310 △587,036

[1] Unappropriated retained earnings △741,773,198 △188,228,374 △616,439 △148,963

(deficit) carried over from prior year

[2] Reserve for extraordinary depreciation 16,247,651 4,792,224 13,502 3,793

[3] Prior period error corrections - △598,576,836 - △473,711

[4] Net profit (loss) △20,906,078 40,239,788 △17,374 31,846

Ⅱ. Dispositions : - - - -

Ⅲ. Undisposed deficit to be carried over △746,431,624 △741,773,198 △620,310 △587,036

to the subsequent year

��„«̀ ƒ̇ ¥

F I N A N C I A L S T A T E M E N T S

Financial Statements >> 040 >> 0 4 1

The view of the christening of the Atlantic Baroness. Theship’s name was changed to the Korea Sun. It was thecompany’s first ship.

Chung Ju-yung making a technicalcooperation agreement with A&PAppleddore of England.

The ceremony inaugurating the Korea Sun.

HMM’s Development

1976

¡� Company established as Asia Merchant Marine on March

25, with a capital of 200 million.

¡� Transportation service opened with a fleet of three VLCCs.

1977

¡� Bulk cargo tramp service and deep-sea tug service began.

1978

¡� Conventional liner service opened between the Far East and

the Middle East.

1979

¡� Bulk service introduced between Korea and Latin America.

1980

¡� Specialized car carrier service established.

1981

¡� Specialized ore and coal transportation service began.

1982

¡� US subsidiary, Hyundai Merchant Marine America (HMMA)

founded.

¡� Conventional liner service introduced among the Far East,

the Western and Eastern US and the Gulf of Mexico.

1983

¡� Company name changed to Hyundai Merchant Marine Co.,

Ltd. on August 9.

¡� Conventional liner service between Southeast Asia and the

Eastern US, and container service between the Western US

and Australia opened.

1984

¡� Vessels owned by Halla Merchant Marine Purchased.

¡� Operation on behalf of Dong Hae Merchant Marine and

Shin Han Shipping fleets established.

¡� Subsidiary called Sun Eel Shipping founded.

1985

¡� Operation of Koryo Merchant Marine vessels commenced.

¡� Full container service opened between the Far East and the

Western US.

¡� Acquisition of Dong Hae Merchant Marine and Shin Han

Shipping completed on August 31 and December 31,

respectively.

11997766 ~~ 11999944

The christening of a new ore and coal carrier, the HyundaiPacific, in 1981, at which Kim Hyo-sun (wife of MoonByung-rin, the Minister of Korea Maritime and PortAdministration) officially named the vessel.

Hyun Yung-won shaking hands with representatives fromvarious nations participating in the World Agency Meetingin 1987.

Laying the keel of the Hyundai Utopia in 1992.

A 4,411-TEU container vessel in Ulsan.

1986

¡� Semi-container service linking Europe, the South Pacific

and Australia opened.

1987

¡� Paid-in Capital increased to 109.5 billion.

1988

¡� Double stack train (DST) rail freight service established

between Long Beach, Chicago and the Eastern US.

¡� Asia Merchant Marine, a separate division and general

sales agency for domestic business, founded.

¡� Acquisition of Koryo Merchant Marine completed on

January 4.

1989

¡� Japanese subsidiary incorporated.

¡� DST service for Gulf of Mexico region of the US introduced.

¡� Paid-in Capital increased to 150 billion.

1990

¡� Hyundai Intermodal, Inc. (HII) established as a subsidiary to

provide a full-service Intermodal transport service within the US.

1991

¡� Direct Korea-Russia route between Busan and Vostochny

opened.

1992

¡� Five 4,411 TEU full container ships deployed in the Far

East-US route.

¡� Subsidiary incorporated in Europe and Hong Kong.

1993

¡� Branch office opened in North China.

¡� US subsidiaries Hyundai America Shipping Agency, Inc.

(HASA) and Hyundai Merchant Marine America (HMMA)

established.

¡� Both ISO 9002 certification and ISM code received.

1994

¡� Feeder service network developed in Southeast Asia.

¡� Asia-Pacific Northwest (PNW) exclusive service route

started.

¡� Korea first LNG transport service began in June with the

launching of the Hyundai Utopia.

HMM’s Development >> 042 >> 0 4 3

HMM’s Development

The company initiated operation of trains transporting reefer containercargoes between the ports of Euiwang and Busan.

In 1999, HMM acquired 100% managementrights for California United Terminal at LongBeach, U.S.A..

HMM has committed six 5,551-TEU container vessels to transpacific routes.

1995

¡� Hyundai Logistics Co., Ltd. container service business HQ

incorporated into the Seoul branch office.

¡� First video conferencing system (Seoul-Los Angeles) for a

Korean shipping company opened.

¡� Inland depot in Hong Kong secured with the establishment

of a joint venture.

¡� Container service began between Europe and the South

Pacific with England’s container ship.

1996

¡� Three of the world’s largest car carriers (6,000 vehicle

capacity) acquired.

¡� Exclusive container terminal opened in Kaohsiung, Taiwan.

¡� Seven of the world’s largest and fastest container ships

(5,551 TEU) deployed.

¡� Presidential citation (Best Performance Tower) given at the

first Ocean Day in May: Captain Shin Yong-ho awarded

Suktop (Stone Tower) decoration.

¡� Sales reached US$ 2.5 billion.

¡� ISO 14001 certification acquired, the first among the

world’s multimodal transportation companies.

1997

¡� Inland container depot opened at Euiwang, Korea.

¡� HMM Bangkok office upgraded to subsidiary status and

renamed Hyundai Merchant Marine Thailand.

¡� Off-dock container yard acquired in Tianjin.

¡� Lease agreement signed with the port of Tacoma.

¡� Global container service provided with APL and MOL.

¡� Sales reached US$ 3.25 billion.

1998

¡� The New World Alliance service began with APL and MOL.

¡� Hyundai Fleet Management System, covering such

information as weather conditions, vessel locations and

ocean current changes, established.

¡� Korea’s first Korea-Middle East container service

commenced.

¡� The Carrier Service Partnership Award received from

Payless Shoesources, Inc.

¡� The Asian Captain, a 6,000-vehicle PCTC, delivered.

1999

¡� 100% management rights for California United Terminal in

Long Beach acquired.

¡� The official international Y2K Statement obtained the

11999955 ~~ 22000033

On April 1999, the exclusive container terminal(WUT)opened at the port of Tacoma, U.S.A..

Five 6,500 TEU container vessels to the Asia-North America serviceroute deployed in 2001.

A ‘Cyber Customer Service Center’ in theHMM internet homepage built in 2001.

HMM’s Development >> 044 >> 0 4 5

Naming ceremony of the ‘Hyundai Glory’, a new 4,700TEU container vessel, was held in 2003.

exclusive container terminal at the port of Tacoma, USA

opened.

¡� Hyundai Busan Container Terminal, the largest public

container terminal in Korea opened.

¡� LNG carrier, Hyundai Technopia delivered.

¡� HMM Container Terminals acquired ISO 9002/ISO 14001

Certification at the same time.

¡� Sales revenue reached US$ 4.0 billion.

2000

¡� The new management vision for the 21st century, HMM 21

proclaimed.

¡� President & CEO, CHOONG SHIK KIM awarded Gold Tower

industrial medal his contribution to Korea’s shipping

industry.

¡� Three 135,000 CBM LNG carriers, Hyundai Cosmopia,

Hyundai Aquapia and Hyundai Oceanpia delivered.

¡� 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.

¡� ‘iloveshipping.com’ a shipping information site established.

2002

¡� Car Carrier Business sold to Wallenius/Wilhelmsen.

¡� A new service route between East Asia and Australia / New

Zealand opened.

¡� Permanent non-dispute declared between labor and

management.

2003

¡� South-East/West Asia Headquarters established.

¡� Global Integration System (GIS) established.

¡� Naming ceremony of the ‘Hyundai Glory’, a new 4,700 TEU

container vessel, was held.

¡� China Headquarters established.

LINER DIVISION

BULK DIVISION

ADMINISTRATION DIVISION

MARITIME DIVISION

■Trans-Pacific Liner Dept.■Europe Liner Dept.■Asia & Oceania Liner Dept.■Liner Operation Dept.■Service Coordination Dept.■Equipment Control Dept.■Liner Strategy & Planning Dept.

SEOUL BRANCH■Trans-Pacific Export Sales Dept.■Europe Export Sales Dept.■Asia Export Sales Dept.■Import Sales Dept.■Customer Service Dept.■Gangnam Office

LOCAL BRANCH & OFFICE■Busan Branch■Choryang Office■Daegu Office■Yong Dang CY

■LNG Carriers Dept.■Tanker Dept.■Tramper Dept.■General Cargo Dept.■Cargo Stowage & Safety Management Dept.

LOCAL OFFICE■Incheon Office■Pohang Office■ Gwangyang Office

■Marine Affairs Dept.■Safety Management Dept.■Bulk Carrier Maintenance & Engineering Dept.■Container Fleet Maintenance & Engineering Dept.■Car Carrier Management Dept.■Tanker Management Dept.

■Accounting Dept.■Financing Dept.■General Administration Dept.■Procurement Dept.■Global Network Service Office■Emergency Training Dept.■Revenue & Expense Auditing Dept.

■Public Relations Office■Corporate Planning Office■Insurance & Legal Dept.■Information & Technology Team

President J.I. Noh

Management Organization

Overseas Organization

HMM AMERICA

HMM EUROPE

SOUTH-EAST/WEST ASIA

HMM CHINA

■Hyundai Merchant Marine (America), Inc.■Hyundai America Shipping Agency, Inc.■Hyundai Intermodal, Inc.■California United Terminals, Inc.■Washington United Terminals, Inc.■Seward Terminal Inc.

■Hyundai Merchant Marine (Europe) Ltd.■Hyundai Merchant Marine (Deutschland) GmbH■Container Depot und Reparatur Hamburg GmbH■Hyundai Merchant Marine (Netherlands) B.V.■Hyundai Merchant Marine (Belgium) N.V.■Hyundai Merchant Marine (France) S.A.■Hyundai Merchant Marine (Scandinavia) AB

■South-East/West Asia Headquarters■Hyundai Merchant Marine (Singapore) Pte. Ltd.■Hyundai Merchant Marine (Thailand) Co., Ltd.■Hyundai Merchant Marine (Malaysia) Sdn. Bhd.

■China Headquarters■Hyundai Merchant Marine (China) Shanghai Co., Ltd.■Hyundai Merchant Marine (China) Tianjin Co., Ltd.■Hyundai Merchant Marine (China) Qingdao Co., Ltd.■Hyundai Merchant Marine (China) Dalian Co., Ltd.■Hyundai Merchant Marine (China) Shenzhen Co., Ltd.

■Hyundai Merchant Marine (Japan) Co., Ltd.■Hyundai Merchant Marine (Hong Kong) Co., Ltd.■(Changwan Container Service Ltd.)■Hyundai Ocean Pioneer Shipping Agency Co., Ltd. ■Hyundai Merchant Marine (Taiwan) Co., Ltd.■(Kaohsiung Terminal)

■Jakarta Office■Dubai Office■Sydney Office■Melbourne Office■Moscow Office■Mumbai Office

Management Organization >> 048 >> 0 4 9

Managing Staff

Chairman

Yung-Won Hyun

Executive Vice President

Nam-Seung ParkHead of HMM South-East/West Asia H.Q.


Chang-Keun YooHead of HMM Europe Ltd.


Jae-Hyun LeeHead of Liner Division

Senior Executive Vice President

Hong-Hwan AhnHead of Administration Division


Jae-Yung ParkHead of HMM America, Inc.


Yong-Ho ShinHead of Maritime Division


Dong-Yeol LeeHead of Bulk Division

Senior Vice President

Yoon-Ky KimHyundai America ShippingAgency, Inc.


Jong-Hun KimHMM Europe Ltd.


Jae-Hee ShinDirector in charge ofPublic Relations Office/Corporate Planning Office/Information & Technology Team/Insurance & Legal Dept.


Joo-Suk KwonDirector in charge ofContainer Fleet Maintenance &Engineering Dept./Bulk CarrierMaintenance & EngineeringDept./Tanker ManagementDept.

President & CEO

Jeong-Ik Noh

Vice President

Chang-Woo KimHead of HMM China H.Q.

Vice President

Nam-Yeang ShinBusan Branch

Vice President

Jae-Seon KimDirector in charge of SeoulBranch

Managing Staff >> 046 >> 0 4 7

Vice President

Jong-Kwon KimHead of HMM Hong KongLtd.

Vice President

Kyung-Ho ChoiDirector in charge ofAccounting Dept./Revenue & Expense Auditing Dept.

Vice President

Ho-Yeon RyuHMM America, Inc.

Vice President

Hong-Ki KimTrans-Pacific Liner Dept.

Vice President

Myeng-Jin NamCargo Stowage & SafetyManagement Dept.

Vice President

Young-Joon LeeTramper Dept.

Vice President

Sung-Hwa NaLNG Carriers Dept.

Vice President

Han-Goo ChungHead of HMM Japan Co., Ltd.

Vice President

Jee-Heon HongCalifornia United Terminals, Inc.

Vice President

Soo-Ho KimDirector in charge ofLiner Operation Dept./Equipment Control Dept./Service Coordination Dept.

Vice President

Duck-Man KimGlobal Network Service Office

Vice President

Taeg-Gyu LeeDirector in charge ofCar Carrier Management Dept./Marine Affairs Dept.

Vice President

Hyeong-Gyu ChoiHead of Jakarta Office

Vice President

Sun-Koo KangFinancing Dept.

Vice President

Yo-Ick SongDirector in charge ofAsia & Oceania Liner Dept./Liner Strategy & Planning Dept.

Vice President

Dong-Soo OhPublic Relations Office

Vice President

Seok-Dong LeeHead of HMM DeutschlandGMBH

Vice President

Jung-Soo HwangBulk Carrier Maintenance &Engineering Dept.

Vice President

Jung-Ki ChoiProcurement Dept.

Vice President

Young-Il SonHMM South-East/West Asia H.Q.

Vice President

Jae-Hoon LimEurope Liner Dept.

Vice President

Han-Dong BangTanker Dept.

HMM Seoul HQ’sManaging Staff

1 Hyundai Primorskiy 1987 10,832 8,689 918 TEU

2 Hyundai Vladivostok 1997 24,766 21,611 1,990 TEU

3 Hyundai Stride 1997 24,777 21,611 2,200 TEU

4 Hyundai Future 1997 24,799 21,611 2,200 TEU

5 Hyundai Advance(WH1) 1997 24,767 21,611 2,200 TEU

6 Hyundai Sprinter 1997 24,766 21,611 2,200 TEU

7 Hyundai Progress(WH2) 1998 24,777 21,611 2,200 TEU

8 Hyundai Highway 1998 24,767 21,611 2,200 TEU

9 Hyundai Bridge 1998 24,777 21,611 2,200 TEU

10 Hyundai Challenger 1986 43,567 40,005 2,984 TEU

11 Hyundai Explorer 1986 43,567 39,892 2,984 TEU

12 Hyundai Innovator 1986 43,567 39,892 2,984 TEU

13 Hyundai Pioneer 1986 43,567 39,892 2,984 TEU

14 Hyundai Frontier 1986 43,567 39,892 2,984 TEU

15 Hyundai Commander 1988 43,685 39,990 2,984 TEU

16 Hyundai Admiral 1992 61,153 51,836 4,411 TEU

17 Hyundai Baron 1992 61,153 51,836 4,411 TEU

18 Hyundai Commodore 1992 61,153 51,836 4,411 TEU

19 Hyundai Duke 1992 61,153 51,836 4,411 TEU

20 Hyundai Emperor 1992 61,153 51,836 4,411 TEU

21 Hyundai Federal 1994 61,153 51,841 4,411 TEU

22 Hyundai Independence 1996 68,519 64,054 5,551 TEU

23 Hyundai Liberty 1996 68,519 64,054 5,551 TEU

24 Hyundai Discovery 1996 68,519 64,054 5,551 TEU

25 Hyundai Freedom 1996 68,519 64,054 5,551 TEU

26 Hyundai Fortune 1996 68,519 64,054 5,551 TEU

27 Hyundai General 1996 68,519 64,054 5,551 TEU

28 Hyundai Highness 1996 68,519 64,054 5,551 TEU

29 Hyundai Kingdom 2001 80,550 74,373 6,500 TEU

30 Hyundai Republic 2001 80,550 74,373 6,500 TEU

31 Hyundai National 2001 80,550 74,373 6,500 TEU

32 Hyundai Donimion 2001 80,550 74,373 6,500 TEU

33 Hyundai Patriot 2001 80,550 74,373 6,500 TEU

34 Hyundai Confidence 2003 68,048 64,845 5,500 TEU

35 Hyundai Harmony 2002 17,700 13,267 1,032 TEU

36 Hyundai Concord 2002 17,700 13,267 1,032 TEU

37 Hyundai Glory 2004 63,404 53,352 4,648 TEU

38 Hyundai Opal 1989 19,710 18,342 1,171 TEU

39 Navarino 1989 37,915 39,678 2,633 TEU

1 Pacific Royal 1996 43,210 25,503

2 Pacific Champ 1996 43,229 25,503

3 Global Victory 1996 148,600 76,068

4 Global Winner 1997 161,121 81,152

Bulk Carrier

ContainerShip

TYPE NO. VESSEL NAME YEAR BUILT DWT G/T CAPACITY

Fleet List (As of April 2004)

1 Hyundai Utopia 1994 71,910 103,764 125,000 CBM

2 Hyundai Greenpia 1995 71,910 103,764 125,000 CBM

3 Hyundai Technopia 1999 69,157 113,998 135,000 CBM

4 Hyundai Cosmopia 2000 77,591 113,998 135,000 CBM

5 Hyundai Aquapia 2000 77,565 113,998 135,000 CBM

6 Hyundai Oceanpia 2000 77,513 113,998 135,000 CBM

7 LNG Aquaris 1977 65,000 95,084 126,000 CBM

1 Hyundai Star 1995 281,199 151,592

2 Hyundai Banner 1996 281,074 151,977

3 Universal Brave 1997 299,997 156,692

4 Universal Prime 1997 299,985 156,692

5 Hyundai Sun 1998 299,984 156,692

6 Millennium 1998 299,984 156,692

7 Pacific Courage 1992 269,101 145,403

8 VL COSMOS 1986 248,965 135,525

9 VL MALIBU 1989 248,976 137,024

10 EL JUNIOR 1995 266,072 149,896

11 LA ESPERANZA 1993 299,700 158,475

12 LA PAZ 1995 299,700 158,475

13 SYLT 1993 279,995 153,332

14 SALA 1993 279,995 153,332

15 Nordasia 1998 105,994 57,009

1 Oriental Green 1998 80,357 56,955

2 Pacific Serenity 2003 48,000 28,850

3 Vijayanti 1997 31,259 23,386

4 Dewi Sawitri 1999 17,961 13,468

5 Admiral L 1990 41,000 23,967

6 ARGOSY 1991 41,000 23,967

1 Hyundai Spirit 1993 126,000 68,093

2 Hyundai Island 1986 127,853 67,897

3 Hyundai Oceania 1983 139,887 74,052

4 Hyundai Power 1998 149,221 76,068

5 Hyundai Atlas 1995 149,310 76,068

6 Hyundai Prosperity 1990 151,258 77,307

7 Hyundai Cosmos 1986 163,256 85,678

8 Hyundai Olympia 1986 186,330 93,005

9 Hyundai Universal 1990 200,100 101,604

10 Hyundai Continental 1988 200,269 101,466

11 Pacific Success 1989 37,450 24,790

1 Kiani Satu 1997 16,500 16,660

1 Forest Pioneer 1998 48,800 39,548 3.8M CFT

Fleet List >> 050 >> 0 5 1

TYPE NO. VESSEL NAME YEAR BUILT DWT G/T CAPACITY

LNG Ship

VLCC

Ore / CoalCarrier

Pulp Carrier

WoodchipCarrier

P.Tanker

Headquarters & Overseas Network


Hyundai Merchant Marine Co., Ltd.66 Jeokseon-Dong, Jongno-Gu, Seoul, KoreaTel:(02)3706-5114 Fax:(02)734-8496

Marine Affairs Dept. (Busan)16th Fl., Hyundai M & F Insurance Bldg., 1193-5Choryang-Dong, Dong-Gu, Busan, KoreaTel:(051)461-7000 Fax:(051)462-9844

Bulk Carrier Maintenance & EngineeringDept. (Ulsan)15th Fl., Hyundai M&F Insurance Bldg., 1193-5Choryang-Dong, Dong-Gu, Busan, KoreaTel:(051)462-0353 Fax:(051)462-0354

Container Fleet Maintenance & EngineeringDept. (Busan)2nd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, KoreaTel:(051)607-7780 Fax:(051)611-6316

Car Carrier Management Dept. (Busan)16th Fl., Hyundai M&F Insurance Bldg., 1193-5Choryang-Dong, Dong-Gu, Busan, KoreaTel:(051)461-7000 Fax:(051)462-9855

Tanker Management Dept. (Busan)16th Fl., Hyundai M&F Insurance Bldg., 1193-5Choryang-Dong, Dong-Gu, Busan, KoreaTel:(051)461-7000 Fax:(051)462-7844

Seoul BranchHyundai Merchant Marine Co., Ltd.66 Jeokseon-Dong, Jongno-Gu, Seoul, KoreaTel:(02)3706-5114 Fax:(02)734-8496

Busan Branch3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, KoreaTel:(051)607-7800 Fax:(051)607-7801

Incheon Office104-1, 7 ga, Hang-Dong, Jung-GuIncheon, KoreaTel:(032)884-3071 Fax:(032)884-3073

Pohang Office810-1, Goe-Dong, Nam-Gu, Pohang Gyeongsangbuk-Do, KoreaTel:(054)285-4322/3 Fax:(054)285-4324

Gwangyang Office775, Doe-Dong, KwangyangJeollanam-Do, KoreaTel:(061)791-5140 Fax:(061)791-8212

Gangnam Office14th Fl., Textile Center, 944-31, Daechi-Dong, Gangnam-GuSeoul, KoreaTel:(02)553-4471 Fax:(02)553-4476

Daegu Office2th Fl., Hyundai Logistics 13 Lot 3 Block yutongdanji1606 Sangyeok 2-Dong, Buk-GuDaegu, KoreaTel:(053)382-7121/2 Fax:(053)382-7123

Busan Office (Choryang)15th Fl., Hyundai M&F Insurance Bldg., 1193-5Choryang-Dong, Dong-GuBusan, KoreaTel:(051)463-0710 Fax:(051)463-7451

Yong Dang Container Yard (Busan)2nd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, KoreaTel:(051)607-7701 Fax:(051)607-7719

HYUNDAI MERCHANT MARINE(AMERICA), INC.

7807 East Peakview Ave., Suite 200Englewood, CO 80111, U.S.A. Tel: 720-488-2500 Fax: 720-488-2509

HYUNDAI AMERICA SHIPPINGAGENCY, INC.

1750 Valley View Lane, Suite 300Dallas, TX 75234, U.S.A.Tel: 972-677-2500 Fax: 972-677-2509

Atlanta100 Galleria Parkway, Suite 1360Atlanta, GA 30339, U.S.A.Tel: 770-980-2043 Fax: 770-952-2083

Boston100 Cummings Center, Suite 427ABeverly, MA 01915, U.S.A.Tel: 978-922-5050 Fax: 978-922-4774

Charlotte11440 Carmel Commons Blvd., Suite 206Charlotte, NC 28226, U.S.A.Tel: 704-972-3100 Fax: 704-972-3175

Chicago333 Pierce Road, Suite 250Itasca, IL 60143, U.S.A.Tel: 800-222-6764 Fax: 877-329-4362

Cincinnati5495 North Bend Road, Suite 105Burlington, KY 41005, U.S.A.Tel: 859-586-7003 Fax: 859-586-2553

Cleveland24500 Center Ridge Road, Suite 265Westlake, OH 44145, U.S.A.Tel: 440-835-0930 Fax: 440-835-5522

Dallas2505 North Hwy. 360, Suite 480Grand Prairie, TX 75050, U.S.A.Tel: 817-649-2000 Fax: 817-649-2005

Detroit26261 Evergreen Road, Suite 273Southfield, MI 48076, U.S.A.Tel: 248-799-9955 Fax: 248-799-9718

Houston1235 North Loop West, Suite 900Houston, TX 77008, U.S.A.Tel: 713-861-0123 Fax: 713-861-3668

Irving (COC)1425 Greenway Drive, Suite 600Irving, TX 75038, U.S.A.Tel: 972-550-2600 Fax: 972-550-2695

Kansas City1420 N.W. Vivion Road, Suite 104Kansas City, MO 64118, U.S.A.Tel: 816-746-6964 Fax: 816-746-8457

Los Angeles10 Point Drive, Suite 460Brea, CA 92821, U.S.A.Tel: 714-255-2000 Fax: 714-255-2090

Memphis5050 Poplar Avenue, Suite 607Memphis, TN 38157, U.S.A.Tel: 901-681-4380 Fax: 901-681-4383

Minneapolis7300 Metro Blvd., Suite 640Edina, MN 55439, U.S.A.Tel: 952-893-1345 Fax: 952-893-1718

Dallas (AHQ)

Denver

Head Office (Seoul)

Headquarters & Overseas Network >> 052 >> 0 5 3

New Jersey300 Sylvan AvenueEnglewood Cliffs, NJ 07632, U.S.A.Tel: 201-816-4000 Fax: 201-816-4061

New Orleans2021 Lakeshore Drive, Suite 400New Orleans, LA 70122, U.S.A.Tel: 504-200-4020 Fax: 504-200-4050

Portland121 S.W. Salmon St., Suite 830Portland, OR 97204, U.S.A.Tel: 503-224-1112 Fax: 503-224-3434

San Francisco651 Gateway Blvd., Suite 430South San Francisco, CA 94080, U.S.A.Tel: 650-616-3131 Fax: 650-616-3138/39

Seattle7100 Fort Dent Way, Suite 270Seattle, WA 98188, U.S.A.Tel: 206-343-1234 Fax: 206-343-1212

St. Louis11132 South Town Square, Suite 203St. Louis, MO 63123, U.S.A.Tel: 314-416-4488 Fax: 314-416-4499

Vancouver543 Granville Street, Suite 1400Vancouver, B.C. V6C 1X8, CanadaTel: 604-601-2900 Fax: 604-687-2396

Montreal759 Victoria Square, Suite 527Montreal, Quebec H2Y 2J7, CanadaTel: 514-282-3977 Fax: 514-282-3469

Toronto195 The West Mall, Suite 1050Etoboicoke, Ontario M9C 5K1, CanadaTel: 416-621-3030 Fax: 416-621-3237

REGIONAL CUSTOMER SERVICECENTERS

Phoenix RCSC9977 North 90th St. Suite 270Scottsdale, AZ 95858, U.S.A.Tel: 480-627-1500 Fax: 480-627-1575

Chicago RCSC 333 Pierce Road, Suite 250Itasca, IL 60143, U.S.A.Tel: 800-222-6764 Fax: 877-329-4362

Charlotte RCSC11440 Carmel Commons Blvd., Suite 206Charlotte, NC 28226, U.S.A.Tel: 704-972-3100 Fax: 704-972-3175

HYUNDAI INTERMODAL, INC.

1750 Valley View Lane, Suite 300 Dallas, TX 75234, U.S.A.Tel: 972-677-2500 Fax: 972-677-2599

Irving (Dallas Operation Center)1425 Greenway Drive, Suite 600Irving, TX 75038, U.S.A.Tel: 972-550-2600 Fax: 972-550-2695

WASHINGTON UNITED TERMINALS, INC.

1815 Port of Tacoma RoadTacoma, WA 98421, U.S.A.Tel: 253-396-4900 Fax: 253-396-4921

CALIFORNIA UNITED TERMINALS, INC.

1200 Pier E. Street Long Beach, CA 90802, U.S.A.Tel: 562-435-8235 Fax: 562-432-6430

SEWARD TERMINAL INC.

Alaska Seward Coal Terminal, 903 Port Avenue Seward, AK 99664, U.S.A.Tel: 907-224-3120 Fax: 907-224-3931

HYUNDAI MERCHNT MARINE(EUROPE) LTD.

London 4th Fl., City Reach, 5 Greenwich View Place London E14 9NN, U.K. Tel: 44-20-7477-7200 Fax: 44-20-7477-7174

Birmingham Office 27, Containerbase, College RoadBirmingham B44 8DR, U.K. Tel: 44-121-344-4664 Fax: 44-121-344-4461

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

Scotland (Coatbridge) 8-10 Hornock Road, Gartsherrie Industrial Estate Coatbridge ML5 2DX, U.K. Tel: 44-1236-431-711 Fax: 44-1236-433-921

HYUNDAI MERCHANT MARINE(DEUTSCHLAND) GMBH

Hamburg Herrengraben 3D-20459 Hamburg, Germany Tel: 49-40-369-540 Fax: 49-40-363-443/439

BremenBirkenstrasse 15, World Trade Center D-28195 Bremen, Germany Tel: 49-421-173-520 Fax: 49-421-173-5299

Duesseldorf Graf-Adolf Strasse 72-74D-40211 Duesseldorf, GermanyTel: 44-211-935-7100 Fax: 44-211-935-7101

Frankfurt Borisigallee 37D-60388 Frankfurt, Germany Tel: 49-6109-32077 Fax: 49-6109-31315

Praha (Czech)Ulice 1. Pluku 8-10CZ-18630, CzechTel: 420-224-891-310~1 Fax: 420-224-891-312

CONTAINER DEPOT UNDREPARATUR HAMBURG GMBH

Am Radeland 5D-21079 Hamburg, Germany Tel: 49-40-792-4561 Fax: 49-40-792-7843

Hamburg

Long Beach

Tacoma

Dallas

Headquarters & Overseas Network

HYUNDAI MERCHANT MARINE(NETHERLANDS) B.V.

Westblaak 180 3012 KN Rotterdam, Netherlands Tel: 31-10-280-2555 Fax: 31-10-280-0325

HYUNDAI MERCHANT MARINE(BELGIUM) N.V.

Antwerp Tower, De Keyserlei 5, BUS 52018 Antwerpen, Belgium Tel: 32-3-206-0300 Fax: 32-3-227-3087

HYUNDAI MERCHANT MARINE(FRANCE) S.A.

3rd & 4th Fl., Oceane Bldg., 2 Avenue Foch76600 Le Havre, France Tel: 33-2-3519-7050 Fax: 33-2-3519-7090

Dunkirk 2nd Fl., 104 Rue De L’ecole Maternelle59140 Dunkirk, France Tel: 33-3-2865-8145 Fax: 33-3-2865-8149

Lyon 3rd Fl., Immeuble Le Galaxie 89 Rue De La Villette 69003 Lyon, France Tel: 33-4-3756-1110 Fax: 33-4-3756-1119

Paris 4, Place Immeuble Les Saisons 92400 Courbevoie-La Defense 1Paris, 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

HYUNDAI MERCHANT MARINE(SCANDINAVIA) AB

Forsta Langgatan 21413 27 Gothenburg, SwedenTel: 46-31-704-81-00 Fax: 46-31-704-81-90

CopenhagenStrandlodsvej 48DK-2300 Copenhagen S, DenmarkTel: 45-32-87-25-25 Fax: 45-32-97-25-21

OsloGjerdrumsvei 120484 Oslo, NorwayTel: 47-22-02-17-00 Fax: 47-22-02-17-01

HYUNDAI MERCHANT MARINE(JAPAN) CO., LTD.

31st Fl., World Trade Center2-4-1 Hamamatsu-cho, Minato-ku Tokyo 105-6104, JapanTel: 81-3-5425-4711 Fax: 81-3-5425-4774

Osaka 901, Yusei Gojokai Shinsaibashi B/D. 3-11-18 Minamisemba, Chuo-ku Osaka 542-0081, Japan Tel: 81-6-6253-0835 Fax: 81-6-6253-0845

Yokohama7th Fl., Kannai ST B/D.1-4-1, Onoe-cho, Naka-kuYokohama 231-0015, JapanTel: 81-45-662-0850 Fax: 81-45-662-0851

HYUNDAI MERCHNT MARINE(CHINA) CO., LTD.

20th Fl., Phase 2 East Ocean Center 618 Yan An (E) Road Shanghai 200001, China Tel: 86-21-5385-4198 Fax: 86-21-5385-4200

Documentation Center (Shanghai)19th Fl., Phase 2 East Ocean Center 618 Yan An (E) Road Shanghai 200001, China Tel: 86-21-5385-4198 Fax: 86-21-5385-4231

Dalian Room 1603~1604, Gold Name Tower No. 68 Renmin Road, Zhongshan District Dalian 116001, ChinaTel: 86-411-273-3988 Fax: 86-411-273-4202

Qingdao Room 303, B/D. C FullHope Plaza12 Hong Kong Central RoadQingdao 266071, ChinaTel: 86-532-502-7160Fax: 86-532-502-7235/7272

Tianjin Room 2901, 29th Fl., The Exchange Office Tower 189 Nanjing Road, Heping DistrictTianjin 300051,ChinaTel: 86-22-2330-7368 Fax: 86-22-2339-4031

Beijing Room 506, Hyundai Millennium Tower NO. 38 Xiaoyun Road, Chaoyang District Beijing 100027, ChinaTel : 86-10-8453-8071 Fax : 86-10-8453-8040

Chongqing Room 1802A, Metropolitan TowerNo. 68 Zourong RoadChongqing 400010, ChinaTel: 86-23-63817682/3 Fax:86-23-63817681

HangzhouRoom 1705, Tower A, Zhongda PlazaHangzhou 310003, ChinaTel: 86-571-8577-7670 Fax: 86-571-8577-7676

NanjingSuite A1, 22nd Fl., Golden Eagle Int’l Executive Office B/D. No. 89 Hanzhong Road Nanjing 210029, ChinaTel: 86-25-4700405~8 Fax:86-25-4700409

Ningbo Suite 8, No.188 South Jie Fang RoadXin Yuan Hotel Ningbo 315000, ChinaTel: 86-574-8731-9746Fax: 86-574-8732-8370

ShijiazhuangRoom 909, Sino Chem B/D.Lian Meng Road 707Shijiazhuang 050061, ChinaTel: 86-311-778-9988 Fax: 86-311-776-1334

Wuhan Room 2804, Merchants Bank B/D. No. 66-5 Youth RoadWuhan 430022, ChinaTel: 86-27-85743265 / 85743735Fax: 86-27-85743850

China Headquarters (Shanghai)

Tokyo

Gothenburg

Le Havre

Antwerp

Rotterdam

Headquarters & Overseas Network >> 054 >> 0 5 5

Yantai Room 809, Qili Mansion No. 80 Chaoyang StreetYantai 264001, ChinaTel: 86-535-6228292 Fax:86-535-6228291

HYUNDAI MERCHANT MARINE(HONG KONG) LTD.

Suite 1601-6 & 14, Tower 6, The Gateway, 9 Canton Road Ttsim Sha Tsui, Kowloon, Hong KongTel: 852-2514-4100 Fax: 852-2537-9396/9366

Hong Kong (Terminal Office) Units 307-308A, Hong Kong Int’l Distribution Center3rd Fl., Office Tower, 18 Container Port Road South Kwai Chung, New territories, Hong KongTel: 852-24019-0118 Fax: 852-2419-0100/0627

Shenzhen Units 701-3, Tower 1, World Finance Center 4003 Shen Nan Dong Lu, Lo, Wu Shenzhen 518008, ChinaTel: 86-755-2598-0066 Fax: 86-755-2598-0488

FuzhouUnit 1907, Worldwide Plaza, 1580 Wusi RoadGu Lou District, Fuzhou 350001, China Tel: 86-591-7608245 Fax: 86-591-7608243

GuangzhouRoom 2701,Guangzhou Goldlion TowerNo. 138 Tiyu Road EastGuangzhou 510620, ChinaTel: 86-20-38780825 Fax: 86-20-38780835

Xiamen Unit 1515, The Bank Center No. 189 Xia He RoadXiamen 361003, ChinaTel: 86-592-2680298 Fax: 86-592-2680258

HYUNDAI MERCHANT MARINE(SINGAPORE) PTE. LTD.

7, Temasek Boulevard, #41-1, Suntec City Tower OneSingapore 038987, Singapore Tel: 65-6339-9844 Fax: 65-6336-9422

HYUNDAI MERCHANT MARINE(THAILAND) CO., LTD.

2nd Fl., Vibulthani Tower 1, 3195/7 Rama IV Road Klongtan Klongtoey Bangkok 10110, Thailand Tel:66-2-661-4488 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, ThailandTel:66-38-491-232, 491-237/9 Fax: 66-38-490-171

Lat Krabang 33/4 Chaokhun Tahan Road Klong 3 Sub-District, Lat Krabang District Bangkok 10520, ThailandTel:66-2-737-9460/2 Fax: 66-2-737-9459

Songkhla Room 5D, 5th Fl., Chaiyong B/D., 7-15 Jootee-Uthit, 1 Road Hadyai Songkhla 90110, ThailandTel:66-74-346-456/8 Fax: 66-74-346-459

HYUNDAI MERCHANT MARINE(MALAYSIA) SDN., BHD.

Suite 8.01, Level 8, Menara Trend, Intan Millennium SquareNo. 68, Jalan Batai Laut 4, Taman Intan41300 Klang, Selangor Darul Ehsan, MalaysiaTel: 60-3-3051-9711/9731 Fax: 60-3-3005-7277/7377/7388

Johor Bahru 20th Fl., Unit 20D, Metropolis Tower, Jalan Tebrau80300 Johor Bahru, MalaysiaTel: 60-7-334-2000 Fax: 60-7-334-5200

Penang 18th Fl., MWE Plaza Unit 2~4, No. 8, Lebuh Farquhar10200 Penang, MalaysiaTel: 60-4-264-3866 Fax: 60-4-264-3853

HYUNDAI OCEAN PIONEERSHIPPING AGENCY CO., LTD.

37 Chi-nan Road, Section 2Taipei 100, TaiwanTel: 886-2-2355-1000 Fax: 886-2-2393-1654

HYUNDAI MERCHANT MARINE(TAIWAN) CO., LTD.

2-3, Tung-Ya South Road, Hsiao Gang DistrictKaohsiung 812, Taiwan Tel: 886-7-823-7130 Fax: 886-7-822-2906

OVERSEAS OFFICES

Jakarta Wisma BSG, 6th Fl., JI Abdul Muis No 40 Jakarta 10160, IndonesiaTel: 62-21-385-5372 Fax: 62-21-344-0865/0674

Dubai Flat No. 701/702, New Rais Hassan Saadi B/D. Khalid Bin Al Waleed Road30116 Dubai, U.A.E.Tel: 971-4-393-5511 Fax: 971-4-393-3055

Sydney Unit 6, Level 1, “The Hub” 89-97 Jones StreetUltimo, NSW 2007, Australia Tel: 61-2-9281-4499 Fax: 61-2-9281-2116

MelbourneLevel 5, 20-22 Albert Road, South Melbourne, VIC 3205, AustraliaTel: 61-3-9682-7778 Fax: 61-3-9682-7885

Moscow Office No. 726, “Mezhdunarodnaya-2” B/D.12, Krasnopresnenskaya Nab., World Trade Center Moscow, 123610 Russia Tel : 7-095-258-1190/2 Fax : 7-095-258-1193

Mumbai 109 Bajaj Bhavan, Nariman PointMumbai 400021, India Tel: 91-22-2285-5007~12 Fax: 91-22-202-5982/2284-0555

Kaohsiung

Taipei

Klang

Bangkok

South-East/West Asia Headquarters

Hong Kong

66, Jeokseon-Dong, Jongno-Gu, Seoul, Korea, 110-052 TEL: 82-2-3706-5114 FAX: 82-2-734-8496 www.hmm21.com

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