Annual Report 2005 - HyundaiAlso, on April 2, HMM was selected by the Korea Logistics Academy as the best company in the “Best Korea Logistics Award” sector. It’s also remarkable

W e C a r r y t h e F u t u r e ! Annual Report 2005

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

Annual R

eport 2005H

YU

ND

AI M

ER

CH

AN

T M

AR

INE

CO

., LTD

.2006.4

Operating ResultSales 4,845,594 5,118,612 3,944,676Operating Income 466,411 554,824 302,726Net Income 386,402 427,869 -45,308

Financial PositionTotal assets 4,814,237 4,015,015 4,120,964Total debt 3,389,815 3,170,996 3,758,624Shareholder’s equity 1,424,422 844,019 362,340

2005 2004 2003

1,000,000

0

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

3,944,676

5,118,6154,845,594

2003

4,644,093

2002 2004 20050

200,000

400,000

600,000

302,726

554,824466,411

2003

107,776

2002 2004 20050

500

1,000

1,500

1037.32

375.7

237.98

2003

1414.58

2002 2004 2005

Sales Operating Income

(Unit : Million KRW)

(Unit : %)(Unit : Million KRW)(Unit : Million KRW)

Debt Ratio

Financial Highlights Contents

“Building a solid foundation,Executing a superior service”

2006 Shipping Market Prospects

Hyundai Business Group Chairwoman’s Message

CEO’s Message

Top 5 News Items in 2005

Business Overview

HMM Service Features

HMM Global Network

Company Data

004

006

008

010

012

014

028

041

For the year ended December 31, 2005, 2004, 2003

2006 Shipping Market Prospects

After 3 year booming, all the participants in the shipping market predict that the weakeningsupply and demand fundamentals mainly caused by rapid fleet growth and slower trade demand willdrive the freight rates and ship values down for the coming years. By historical standards, however,rate levels will remain robust and most shipping companies will enjoy another profitable year eventhough operating costs increase and profitability margins narrow. For fleet developments, the near-term outlook remains worrisome for shipowners and operators based on the orderbook representinghigh portion of the existing fleet, though this is down from a peak in 2005. Looking forward we expectlong-term outlook has brightened somewhat as ordering activity will moderate due to the falling freightrate and high shipbuilding price. Variables surrounding the shipping market such as oil price, portcongestion, China and India effect will also affect the market trend, but it is estimated that thestrength of them will be weaker than the past.

After the turning point in the latter part of 2005 in the container market, the pace of decline willmoderate in 2006. But, still, the delivery of new vessels including mega vessels will cause over supplythis year. However, lack of facilities and efficiencies in ports and infrastructure and emerging newmarkets like South America, India, East Mediterranean, and Africa could offset some of over supply.

Although it is expected that the over supply will cause a slower bulk market in 2006 than 2005,the slowed market could still be in favorable level comparing to ordinary years in history. China is stillone of the big factors that will no doubt affect the dry bulk market.

The tanker market fell back from 2004 level in 2005 owing to the global tanker demanddecrease mainly driven by high oil price, it was still in favorable level that the WS(MEG/FE) remainedbeyond 100. The increasing fleet growth may eventually depress the market, but the phase-out ofsingle hull tankers and the increased ton-mile demand due to oil-producing countries' political unrestwill cushion the decline in tanker rates.

- HMM Corporate Planning Office

“world-wide” Increasing the Profitability in Prosperous Shipping Market

I express my gratitude for the warm support and encouragement of customers and shareholders.

This year Hyundai Merchant Marine reaches its 30th anniversary. In 1976, HMM started up in competition with the world’s shipping

companies, fueled by a passionate dream, and 3 VLCCs that could not find owners in the aftermath of the oil-crisis of the day.

Thanks to the devoted efforts of all staff, HMM developed by leaps and bounds year by year, and finally, became a commercial force

capable of competing at the highest levels. HMM is equipped with a vast global business network, the most advanced IT system, and

over 100 diverse vessels.

HMM is now preparing for another advance with solid assets, and the experience to overcome difficulties. It has expertise, the

confidence of clients from all over the world, and the loyal support of shareholders.

All staff of Hyundai Group including HMM, will make this year one of change and innovation, and will go all out in competitive

terms to raise the company profile despite uncertain business circumstances.

Hyundai Group aims to achieve 20 trillion won of sales in 2010. It will establish a cutting edge business structure and a

comprehensive business network. It will continue North and South economic cooperation - and will contribute significantly to

national prosperity. Its aim is to establish a leading corporate culture and enhance its status. As the core affiliate company of Hyundai

Group, HMM will be the vanguard in the drive to accomplish the group’s mid- and long-term vision.

Hyun Jeong-eunHyundai Business Group Chairwoman

A Message from Group Chairwoman, Hyun Jeong-eun

HYUNDAI MERCHANT MARINE CO., LTD.

Hyundai Business Group Chairwoman’s Message 6 7

Maxim

izing Value of the C

ompany

We fully intend to be com

pletely trustworthy, and w

ill maintain the best possible relationship w

ith

customers, staff m

embers and investors alike. T

hat is my guarantee to you all.

Dear Customers,

Last year was a meaningful year for HMM as we announced the revitalization of our drive for domestic and foreign success.

In the container area, we are preparing to strengthen our competitiveness by ordering diverse types of vessels. We are acquiring large modern vessels andordering to 9,000TEU class container vessels. We retained our position in the world container market by developing new cooperative relationships with theworld’s leading shipping companies.

In the bulk division, we deployed 2 VLCCs for 7 years, and stayed Korea’s No.1 LNG carrier with a successful bid for KOGAS business.

Dear Valued Customer,

The shipping business has been very profitable in recent years. However, from this year, a change of business circumstances may make times tougherfactors to be considered are: increasing oil prices, increased vessel capacity through deployment of large-sized vessels, and subsequent increasedcompetition for market leadership. Now is the time to prepare thoroughly for these difficulties.

All staff of HMM have made efforts to strengthen the company with the philosophy of preparing for a ‘rainy day’ and seeking to improve earnings by costcutting. Therefore, we are convinced that we can ride out any problematic business circumstances. We also believe that the uncertain market will be anopportunity which HMM can take advantage of.

This 30th year is very meaningful for HMM, which started with 3 VLCCs and went on to lead the Korean economy, and to transport cargos to the world.We don’t ever forget that HMM’s 3 decade history is the result not only of HMM members efforts, but also of customer and shareholder support andencouragement. In future, all of HMM staff will continue to satisfy customers’ needs through constant business innovation. We will improvecompetitiveness even further, to become the finest, most profitable shipping firm possible.

We look for your constant support and encouragement to achieve our declared aim.

I wish you and your families a fulfilled and happy year!

Thank you very much.

Noh Jeong-ikHMM President & CEO

A Message from President, Noh Jeong-ik


Preparing F

urther Advances

I ask for your continuing interest and encouragement as H

MM

moves forw

ard to take its place as

one of the world’s finest shipping firm

s.

CEO’s Message 8 9

2. Strengthens Overseas Business

During the year 2005, HMM rearranged and strengthened its overseas organization to increase profitability.

HMM appointed its first representative in Ho Chi Mihn city, Vietnam, on January 31st, and established an Indian Subsidiary on July 15th. (The Vietnamese

market has increased container volumes by over 30% recently, and India is a potential new market after China.) HMM also set up a new office in Ningbo,

one of the most dynamic ports in China.

To strengthen business competitiveness in tanker and bulk areas, HMM re-organized resident-staff in London and Singapore, which are the tanker-business

centers. In the bulk area, HMM plans to seek out additional localized-business by appointing more resident-staff in the U.S.A, Belgium and China.

President Noh also paid attention to international business by attending all of the regional business strategy meetings to check each region’s performance

and to devise new business strategies.

1. First Lady Names HMM’s Universal Queen

On November 9, HMM named its new VLCC, Universal Queen at Hyundai Heavy Industries. Approximately 600 people attended the ceremony.

It was the first ship naming ceremony for HMM in five years and it was particularly meaningful as Korean First Lady Kwon Yang - sook named the vessel.

The Universal Queen launch is token of HMM’s overcoming of hard times and evidence of a company re-launching. It is also noteworthy that the Universal

Queen is the first ship acquired through the “Ship Investment Company scheme”.

3. HMM Ordered 9 Ships in Block

HMM has ordered four 8,600 TEU containerships - the largest domestic vessels ever - and five 4,700 TEU ships, from Hyundai Heavy Industries and

Hyundai Samho Heavy Industries. The contract signing ceremony took place on 16th February.

The 8,600 TEU ships can carry a maximum of 9,000 TEU, making HMM the first domestic shipping company to have such a capacity.

Total construction costs will be about $910 million, and the ships are scheduled for delivery between January 2008 and September 2008. HMM will

operate the 8,600 TEU ships on Asia - Europe routes, and the 4,700 TEU vessels will ply the Middle East route.

4. Expanded Co-operation with Leading Shipping Companies

On September 9, HMM announced a five-year extension of The New world Alliance (TNWA), which is an alliance agreement with APL and MOL. The

terms of their current alliance agreement will be extended to 31st December, 2012.

Also, On October 6, TNWA announced a co-operation agreement on key trades with the Grand Alliance (GA).

The agreement will significantly broaden alliance capabilities, network coverage and schedule frequencies. It will also improve service and increase choice

for both sets of customers.

TNWA and GA will initially exchange slots in the Asia - Europe and Asia - Mediterranean trades and introduce a new joint-operated loop in the Asia - East

Coast of North America (via Panama) trade. The alliances may later expand co-operation through additional joint services, in connection with future tonnage plans.

With the most modern fleet in the world and the largest number of Post-Panamax vessels, this collaboration is expected to yield positive results. It will

also enable both alliances to deliver more service options, particularly when new container ships join the fleet in 2006 and 2007.

5. HMM Selected as Best Shipping Company

HMM has been categorized a 2005 Global partnership Carrier (GPC) by Japan’s SONY electronics company for two consecutive years. HMM was also

selected ‘Carrier of the Year’ by Best Buy for four consecutive years. This is tangible recognition of HMM’s leading position, and fine reputation in world

transportation.

Prior to this, on March 3, California United Terminals, Inc. (CUT) and Washington United Terminals, Inc. (WUT) were recognized by the Pacific Maritime

Association (PMA) as being worthy of ‘Safest Terminal’ designation.

Also, on April 2, HMM was selected by the Korea Logistics Academy as the best company in the “Best Korea Logistics Award” sector. It’s also remarkable

that the Hyundai Olympia, HMM’s ore/coal carrier, has been selected as a ‘Green Ship’ by the Korean Coast Guard.

TOP 5 NEWS ITEMS IN 2005

Top 5 News Items in 2005 10 11

H Y U N D A I M E R C H A N T M A R I N E C O . , L T D .

1. Liner DivisionIn 2005, the freight rate held steady with a downward tendency after the second half of the year when freight volumes reduced. There was an

increased customer tendency to cut back, and, in addition, larger vessels were deployed on each line. It seems likely that the imbalance between

supply and demand will continue to reduce freight volumes through until 2007.

In 2006, it is expected that cargo opportunities will increase somewhat with the steady growth of new-economically powerful nations - such as China

and BRICs. More established economically-active nations - such as the U.S.A., EU and Japan - are also expected to exhibit stable growth. On the other

hand, the competition will be intense among shipping companies because of non-alliance shipping companies. There may be mergers and acquisitions

among larger players, and most shipping companies will deploy large-sized vessels which will decrease freight pressure in the market. To cope with

disadvantageous market conditions in liner business, and a change to a bear market, HMM will acquire stable cargos through long-term contracts with

major customers in domestic and overseas markets; it will diversify its service, and decrease costs through additional cooperation with TNWA, and

through space-chartering with Grand Alliance. There will also be an attempt to raise surcharges appropriately to counteract high oil-prices and the rising

cost of rail and truck transportation. The company will continue to seek to improve profitability, and concentrate on its sales force in the Middle East,

China and India.

2. Bulk DivisionLNG Carrier

Long-term contracts have been made with Korea Gas Corporation - for 20 plus years - to create steady profitable revenue flow. We agreed our first

contract with Korea Gas Corporation in 1994, and have expanded our fleet to 9 vessels (including 2 owner participation) since then. Also, HMM is the

first domestic No. 1 LNG carrier to acquire additional operating rights from Korea Gas Corporation (October, 2005). HMM will create additional profits

through business diversification, and by participating in new LNG projects and domestic business, as it applies its knowledge of LNG carrier operation.

Iron Ore/Coal Carrier

A contract has been made with POSCO to handle its steel products and materials and with Korea Electric Power Corporation, for 18 years, iron ore/coal

carrier is now in operation. We will exploit the improvement in market conditions to increase profits through spot, and other forms of business.

Tanker

We are transporters of petroleum, petroleum products and petro-chemical products for domestic and overseas oil companies, and have long-term

import contracts with Hyundai Oil Bank and S-Oil. Even though crude oil shipments to importing nations - such as China - reduced due to continually

rising oil-prices, market conditions and tighter energy policies, we have invested steadily and achieved eye-opening results in sales and business profits.

In the first half of 2005, we chartered three SUEZMAX (150,000 DWT), purchased one AFRAMAX (100,000 DWT), and then expanded the business in

the high-profit SPOT market. In the second half of 2005, we added two VLCC (300,000 DWT) and chartered one product tanker. We also made efforts

to develop stable profitability through additional long-term contracts with overseas refiners such as PETRON and PTT. In 2006, we will actively seek

additional market share, and in the first half we will take delivery of one LPG carrier and two LR2 (100,000 DWT Product Tankers).

Tramper & General Cargo Carrier

Due to the rising demand from China for raw materials, the market kept bullish until the first quarter of 2005. It then showed a falling tendency after the

Chinese government took some measures to cool its economy, and because of increased deliveries of newly-built vessels. We will maintain a business

structure which can guarantee fixed profits even in adverse conditions, through long-term contracts and balanced fleet operations. At the same time,

we seek a more stable business situation by developing profitable cargos and service routes.

3. e-BusinessHMM, aiming to the world’s best integrated logistics company, has continuously improved its web-site (www.hmm21.com) and EDI (B2B direct service)

to create higher added-value, to provide convenient and precise service, and to maximize the efficiency of the business. Through these, HMM provides a

high-standard e-Service for the whole transportation process from service inquiry to cargo arrival notice. HMM also joined a shipping portal site (GT

Nexus) with 20 world’s major shipping companies, and has this service to offer customers. HMM conducted 30% of total B/Ls work by use of the internet

network “e-Business” instead of FAX by the end of 2005. HMM plans to expand the use of “e-Business” to 45% in 2006, and to 60% in 2007.

BUSINESS OVERVIEW

Business Overview 12 13

H Y U N D A I M E R C H A N T M A R I N E C O . , L T D .

JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

70.6 155.6 92.5 87.0 70.0 61.9 92.0 73.1 88.5 111.9 194.4 164.0

2005 MONTHLY WORLD SCALE INDEX

Monthly trend for 260,000 dwt VLCC WS between Ras Tanura and Ulsan

JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER

4,502 4,532 4,678 4,532 3,667 2,746 2,220 2,207 2,803 3,161 2,916 2,600

2005 MONTHLY BDI INDEX

“We connect you to the action”HMM’s diverse range of services include a truly worldwide

fleet made up of container vessels, LNG carriers, tankers,

trampers and general cargo carriers, supported by logistics

centers and offices situated at strategic sites around the

world.

Container Service

Container Service

Since 1976, HMM has sought to establish a position as a premier global shipping and logisticscompany with a versatile range of ships plying the Trans-Pacific, Asia-Europe and the Intra Asia trades. InNovember 2003, HMM was the first Korean shipping company to set up a China headquarters to establish astrong foothold in this key market.

HMM, with its existing alliance members, APL and MOL, has agreed to extend its TNWA (The New WorldAlliance) agreement until 2012. The extension of the alliance agreement is strategically important, allowing thepartner lines to focus on long-term planning of resources to deliver the broadest range of service options andbest value for shippers.

Furthermore, HMM and its TNWA members agreed to cooperate with the member lines of the GrandAlliance (GA) on key trades from early 2006. This co-operation will significantly broaden the respectivealliances’ capabilities, network coverage and schedule frequency, with improved service efficiency and widerchoice for customers.

The member lines of the Grand Alliance [Hapag-Lloyd Container Line (HLCL), MISC Berhad (MISC), NipponYusen Kaisha (NYK), and Orient Overseas Container Line (OOCL)], and the New World Alliance [APL, HyundaiMerchant Marine and Mitsui O.S.K Lines Ltd.], will initially exchange slots on the Asia-Europe and Asia-Mediterranean trades. The aim is to introduce a new loop on the Asia-East Coast of North America, via thePanama trade. At a later stage, the two alliances may further expand the scope of their co-operation throughadditional joint services.

HMM will deploy 5 new-build container vessels (6,800 TEU) to AEX (Asia-Europe Express) in theAsia-Europe Trade, and replace the 5 of the previous 5,500 TEU 5 vessels out of total of 8. This will provide animproved service to customers with increased capability and schedule reliability. HMM is proactive in meetingcustomer demands, and dedicated to customer satisfaction. It also has a management team which iscustomer-oriented and committed to the highest business ethics, along with a constant drive for innovation,expansion and customer benefits. We are confident of achieving our vision of becoming the leading shippingand logistics company in the world by 2010.

Confident of our Vision of becoming the leading shipping and logistics companyin the world by 2010.

Container handling volume

(unit : Thousands of TEU)

HMM Service Features Container Service 16


17

0

500

1,000

1,500

2,000

2,500

2000 2001 2002 2003 2004

1,781 1,756 1,754 1,8642,091

2005

2,137

LNG Service

LNG Service In the LNG transport industry, HMM is the largest owner and operator in Koreaand the worldwide market leader. HMM has continuously sought to expand itsservice by making the most of experience in the LNG shipping field.

HMM Service Features LNG Service 18


19

Safe, Reliable and EfficientHMM’s LNG carrier service was launched as Korea’s first LNG transportation service in 1994. This was established on the basis of a 20 year

long-term contract with Korea Gas Corporation (KOGAS), and the first Korean flagged LNG vessel, “Hyundai Utopia”, imported LNG cargoes from

Indonesia. Now, HMM operates a total of nine LNG vessels (one on charter) transporting KOGAS cargoes on diversified service routes between Korea,

Indonesia, Malaysia, Qatar, and Oman. Since HMM began LNG transportation in 1994, it has been the largest LNG carrier operator in Korea. In 2005,

HMM transported 6.5 million tons of LNG, which accounted for approximately 30% of a total 22 million tons of domestic imports. In 2005, HMM also

successfully bid for KOGAS’s Joint Venture Company Project. This will transport 3.5 million tons of LNG annually from Sakhalin and Yemen - starting in

2008. As a result, HMM secured 18% of ownership of four new LNG vessels and a 20 year-contract to operate one of the vessels. These developments

will create stable long-term profits.

Given continued strong demand for clean and efficient energy, in Korea as well as in the world, the LNG market continues to grow faster

than any other segment of the shipping industry. In this expanding market, HMM will have a major role as it participates in new LNG projects, which are

being developed internationally. In this sector, HMM will develop and improve service capability, whilst cooperating closely with both domestic and

overseas customers.

Tramper Service

Tramper Service

HMM’s Tramper promises to provide a highly efficient and safe service to meet avariety of customer needs.

HMM Service Features Tramper Service 20


21

Panamax/Cape Team

(Introduction) Panamax and Cape-size team provides

a dry bulk transportation service all over the world for

coal, iron ore and coke, using company owned and

chartered vessels ranging from 60,000 MT to 200,000

MT DWT.

(Future Plan) The Panamax and Cape size team will

strengthen business links with current customers and

develop new business partners. Also, they will increase

their share of long term cargo contracts to ensure

stability and a more efficient service. Plans are afoot to

expand the business area into the Atlantic, and to further

develop the Pacific business.

(Strong Point) The Panamax and Cape-size team has

coped with the changing business environment

effectively, and has maintained good relationships with

international customers. They provide an exemplary

professional services to customers along with the

benefits and insights of their wide experience.

Handymax Team

(Introduction) A handymax fleet offers a high quality

service transporting bulk cargoes such as fertilizer, iron

ore, coal, cement, grain, sugar, scrap, petcoke and

sulphur, etc. Approximately 60 owned and chartered

vessels ranging from 20,000 MT to 60,000 MT DWT are

engaged in this trade.

(Future Plan) Since pioneering bulk cargo transportation

in the shipping industry, the handymax team has

established valuable relationships with a world wide

clients. Maintaining relationships with these clients is

one of our most important goals, and we will endeavor

to develop further businesses with them. We will also

maintain our fleets at a profitable level by utilizing our

own tonnages, and by the timely acquisition of long and

short-term chartered vessels. We will also extend our

effort to develop front-haul cargoes, and will focus on

the development of C.O.A. cargoes as well as spot

cargoes in the Atlantic/Indian/U.S. West Coast area.

(Strong Point) Working through teams specialized in

particular cargoes, and focused on specific areas allows

us to meet the ever-changing and growing needs of our

customers, and effectively cope with the volatile dry-

bulk shipping market.

Dedicated Team

(Introduction) A dedicated fleet is also engaged in

the transportation of iron ore, coal and steel products

exclusively for “POSCO”, “Korea South-East Power

Co., Ltd.” and “Korea East-West Power Co., Ltd.” on 18

year contract terms. The fleet consists of 10 ore/coal

carriers, 1 steel product carrier and 1 woodchip carrier.

(Future plan) The dedicated team plans to expand

the transportation of iron ore, coal and steel products to

overseas steel mills and power plants, and to enlarge

the chip-carrier fleet for the transportation of woodchip /

biomass.

(Strong point) The dedicated team has a variety of

know-how accumulated over 20 years for the satisfaction

of customer’s needs, from ship finance to the safe

transportation of cargo.

HMM’s Tramper Service offers a flexible, reliable,

professional service that efficiently accommodates a

wide range of customer needs.

Tanker Service

Tanker Service

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

HMM Service Features Tanker Service 22


23

HMM’s Tanker Service has made great progress throughout 2005. It took the opportunity to purchase and charter - several vessels, and

this contributed to it reaching its sales revenue objectives. During 2005, the tanker service has successfully secured 10 vessels, including 2 VLCCs, 3

Suezmaxes, 1 Aframax, 2 MRs, 1 VLGC, and 1 Chemical Tanker. In addition, 6 other vessels will be delivered in 2006.

HMM’s Tanker Service is mainly focused on the VLCC sector, and operates 18 VLCCs. But other sectors such as Suezmax, Aframax and Product

tankers also take up a great part of the business. About one third of VLCCs are now operated on long-term contracts with domestic oil companies; the

rest are operated in the spot market, which is more competitive but offers good profit opportunities. HMM will balance these two marketing

strategies to minimize the uncertainty of the spot market.

In 2006, the tanker service will focus on expanding its fleet - including both VLGCs and Chemical Tankers. HMM believes that it is feasible that

HMM will become one of world’s top 5 tanker companies in the near future. Discerning customers worldwide know that we are always ready to offer

the best service.

General CargoService

General Cargo Service

HMM General Cargo Service guarantees punctuality and a highquality service, and we intend to honor these commitments.

HMM Service Features General Cargo Service 24


25

Since launching the first bulk service to

Middle Eastern Asia in 1978, HMM has expanded and

diversified its list of scheduled destinations. HMM

offers general cargo services on four main routes, i.e.,

America Services, Europe Services, the Persian Gulf

Services and Intra-Asia Services - and all of them link

up with Southeast Asia and the Far East. We also

launched new services, i.e., Black Sea and West

Europe Services, India Services, China Services and

Pulp Services at the beginning of 2004, and opened

local offices for marketing and sales in Antwerp,

Mumbai and Shanghai in 2005.

The major shipments are steel, wooden products

and project cargoes. Steel products are transported

from the Far East to USA/Canada, the Great Lakes, the

Persian Gulf, Southeast Asia and Europe, and from the

Black Sea to the Far East. Also, some cargoes are

transported from India to the Far East and S.E. Asia.

Wooden cargo products are shipped from

Southeast Asia to the USA/Canada, the Mediterranean,

Europe and Persian Gulf areas. So far, the major

wooden product has been plywood. Pulp cargoes will

be carried from Indonesia to the Far East with on a

C.O.A basis through this year.

Project cargo movement to the Persian Gulf from

the Far East has been very active since 2004 when the

situation in Iraq eased. This cargo has been combined

with our steel products.

In 2005, HMM carried out 227 voyages, and

shifted 2,908 thousand tons of steel products (about

106 voyages) and 1,552 thousand CBMs of wooden

products (about 121 voyages) on all service routes.

These figures include all minor cargoes such as

machinery, glass, and other project cargoes being

carried by vessels ranging in size from 6,000 to 55,000

DWT.

To react effectively to vessel market fluctuation,

we have hired vessels on a long-period basis instead of

time charter. We also bought some second-hand

vessels and will continuously expand the fleet to

maximize the service we have to offer. HMM General

Cargo Service guarantees punctuality and a high quality

service, and we intend to honor these commitments.

Terminal & Logistics

HMM Service Features Terminal & Logistics Service 26


27

Terminal & LogisticsService

CUT (California United Terminals)

California United Terminals (CUT), a wholly owned

subsidiary of Hyundai Merchant Marine (HMM), is

located in the Port of Long Beach in Southern California.

CUT is renowned for its efficient service and superior

harbor location, and has played an important role in the

PSW area as HMM’s main gateway to/from Asia.

To meet all environmental concerns and the needs

of the community, CUT is continuing to pursue new

environmentally efficient technologies to reach our goal

of becoming a ‘green’ terminal. In addition, CUT

continues to focus on the safety of its employees. This

commitment to safety has earned CUT the West Coast

Safety Award from the Pacific Maritime Association.

CUT is currently undergoing a major expansion and

renovation project. The improvements will take place in

phases, commencing with the opening of a new state

of the art gate system in March 2006.

Additionally, CUT will make every effort to ensure a

timely berth renovation and yard expansion to

accommodate the next generation HMM vessels.

Once completed, CUT will be the most reliable and

efficient terminal in the Port of Long Beach with

plentiful berth space, additional container acreage, and

state-of-the-art facilities.

WUT (Washington United Terminals)

Washington United Terminals (WUT) is a wholly

owned HMM incorporated terminal located in Tacoma

Washington, USA. WUT officially opened in April, 1999.

Since its inception, WUT has played an important role in

the PNW area as HMM’s main gateway to and from

Asia.

To meet HMM’s growth and strong potential for

the future, WUT is in the process of a 20 acres yard-

expansion. Once this is complete next year, WUT will

have a capacity of 100 acres.

WUT has 15.5 meters of water depth alongside its

2 large berths which provide trouble free vessel

maneuvering at all times. Also, WUT has 4 Post

Panamax gantry cranes capable of 18 row outreach,

along with new operational supporting equipment.

Combined with the innovative and integral I&T system

(internally developed), WUT provides the most efficient

and reliable stevedoring service in the industry.

WUT serves PNW and PCX services on a weekly

basis. It has designated a further 35 acres of on-dock rail

facilities, which can provide non-stop connections

directly between vessel and rail for inland cargo if the

container is properly segregated with block stowage.

Additionally, WUT facilitates quick dispatch and receipt

of cargo by adopting a wheeled in-yard operation.

WUT’s success is the result of its employee and

owner commitment, and devotion and loyalty to the

terminal. The future remains bright and WUT is proud of

its accomplishments since its inception in 1999. It looks

forward to a future with Hyundai, and continued mutual

growth.

HII (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 States, and also Canadian rail networks. Its

list of clients includes intermodal marketing

companies, domestic manufacturers, and freight

consolidators in the domestic business.

HII Central Operations Center (COC) is located in

lrving, Texas, and its regional offices are situated 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, 23 subsidiaries, 70 branch offices and 6 overseas offices.

“With HMM, the ocean belongs to you”

Vancouver

Tacoma

Seward

Seattle

Portland

San Francisco

Minneapolis

Kansas CitySt. Louis

MemphisCincinnati

New Jersey

Irving

Boston

Chicago

DetroitClevelandToronto

Atlanta

Charlotte

Dallas

Houston

Los AngelesPhoenix

Long Beach

Denver

HeadquartersSubsidiaryBranch Office

America Network

HMM Global Network America Network 30 31

HMMA consists of a winning team that includes our Regional Customer Service Centers, Sales, Logistics, Operations and

Business departments. Our members take pride in enhancing customer satisfaction and we invest in our team by providing

relevant training for better job performance and functionality. This focus on training is needed to sustain our competitive

advantage in a challenging business environment. Based on our positive trends, we are convinced that HMMA is headed in

the right direction for future growth.


2005 was year of mixed results for our industry. Hyundai Merchant Marine America confronted a variety of challenges in North America, including

trucker shortages, rail congestion and aggressive competition. HMMA and our associates are meeting these demands by working harder than ever to provide

our customers with consistently high levels of service and value. While some aspects of the past year were difficult, our company made solid advances on

several fronts and laid the foundations for future growth. This is an exciting time at HMMA, as we continue to make excellent progress establishing and

communicating the advantages of our service over that of our competitors. We enter 2006 with the intention to increase our sales and further improve our

winning team; we are also considering the possibility of diversifying our service coverage. We will be introducing a new US East Coast service, and will

increase vessel capacity on two of our current services to cope with market growth in the coming years.

Accessing information online has become more a part of our everyday lives than ever. In response, we have updated online booking procedures and

made online documentation more user friendly. Our most popular on-line features include the ability to verify vessels schedules and transit times, handle

bookings, rate requests. Real time tracing of container movement and on-line bill of lading services are additional popular developments. HMMA is a winning

team that includes our Regional Customer Service Centers, Sales, Logistics, and Operations and Business departments. Our members take pride in customer

satisfaction and investing in on the job training. This focus on training is needed to sustain our competitive advantage in a challenging business environment.

Based on our positive contribution to date, we are convinced that HMMA is headed in the right direction for future growth.

Thinking globally, acting locally

OsloGothenberg

CopenhagenCoatbridge

Manchester

MoscowBirmingham

Southampton

Le Havre

DuesselodorfFrankfurt

Helsinki

Warsaw

PragueParis

Strasbourg

Dunkirk

Lyon

BremenHamburg

RotterdamAntwerp

HeadquartersSubsidiaryBranch OfficeOverseas Office London

HMM Europe Ltd. started its business with the introduction of the

Asia/Europe (AEX) Liner Service in 1992 with a high speed 3,000 TEU vessel

fleet. This has since been upgraded to 8 x 5,500 TEU mega vessels since

July 1996. These vessels have enabled us to offer customers very

competitive transit times.

Since November 1995 HMME has been operating the Transatlantic

Service (TAS). This three fixed-day weekly service links the US East Coast

and Gulf by direct call, and the US West Coast, Mexico and Canada via

feeder connections. HMME also introduced the Asia Mediterranean/Middle

East Europe Service (AME) in 1996. This is currently known as AMS (Asia -

Mediterranean Service), and provides a direct calling service to the main

ports in Asia and the Mediterranean, together with ports in the Middle East.

In 1998 HMM joined “The New World Alliance” with APL and MOL, to

provide competitive market coverage, sailing frequencies and transit times in

all of the major East-West container trades throughout the world. On 6th

October 2005, leading container lines representing the Grand Alliance (GA)

and The New World Alliance (TNWA) announced a cooperation agreement

on key trades from early 2006. The agreement will extensively broaden

HMM’s capabilities, network coverage and schedule frequencies, while

improving services and choices for customers. This service expansion

program has particular significance on our Europe - Asia routes, as the launch

of 3 brand new GA/TNWA loops in April. 2006 will coincide with the enlarging

of our existing AEX fleet (taking delivery of 5 x 6,800 TEU new-builds), the

new service profile will boast a competitive port range, and frequency and

transit times with significantly enhanced direct port call coverage - most

notably to / from China.

In order to provide our customers with in-depth information on our

services, we established a worldwide web-site in 1995. This is constantly

upgraded to provide more information about our global services. We have

been improving our service quality in harmony with a concern for the global

environment. As a result, we have developed a company environment and

safety policy - and quality management system - in compliance with the

Environment Management System (ISO 14001), ISM CODE and ISO 9002.

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

HMM Global Network Europe Network 32 33


2006 is a landmark 10th anniversary for Hyundai Merchant Marine Europe Ltd. (HMME) since relocating to London in 1996. When HMME was initially established in 1992,

the company comprised 4 HMM main offices and 14 agents. Since then, HMME has grown rapidly into one of the Europe’s most renowned multimodal shipping companies, with 7

HMM main offices, 17 branch offices and 11 agents (12 sub-agents) in Europe. The global transportation network is supported by well-qualified and experienced staff of

approximately 3,775 in worldwide offices/agents. There are 250 HMM employed staff in 47 offices/agents in Europe alone.

Singapore

Ho Chi Minh

Johor Bahru

Bangkok

KlangPenang

Jakarta

Mumbai

Dubai

Sydney

Melbourne

New Delhi

Chennai

Songkla

Laem ChabangLat Krabang

HeadquartersSubsidiaryBranch OfficeOverseas Office

The functions of the headquarters are tremendously important, and each

segment of the shipping business will be taken care of by specialized

department. There are 5 major departments as follows:

Marketing & Pricing

This is akin to trade management, and in terms of trade lanes, it can be

classified into Trans-Pacific, Europe and Intra Asia. This allows the full control

over India and Australia services. This department is also responsible for the

development and revenue performance of its controlled offices.

Logistics

It plays a supporting role in connection with terminal contracts, feeder

networks, schedule management, operational issues, etc.

Equipment

The major responsibility is to ensure that an optimal level of equipment is

available within our region. In addition, it is also important to increase the

utilization ratio of equipment and to avoid costly long idling times.

Documentation & Auditing

This department is to ensure the smooth flow of traffic with proper

documentation. From time to time, it will introduce new rules and

regulations for improvement. In addition, it also verifies the sales offices’

invoices for correct payment.

Information Technology

Like any other organization, it is vital to have strong back-up and

information management which uses advanced hardware and software for

seamless communication.

Each of the departments function independently, but liaise closely to

ensure continued business growth with maximum profits and minimum

costs.

Ever since inception, SHQ has played an active role in this region and

this is reflected in its policy of increasing its overseas presence. For example,

in 2005, a branch office was established in Mumbai, and Vietnam will be

another target in 2006. This strategy takes advantage of the opportunities

offered in fast-growing areas. Together with 3 other regional headquarters in

USA, Europe and China, SHQ will contribute significantly to achieving the

HMM goal of “carrying the future.”

South-East/West Asia Network

HMM Global Network South-East/West Asia Network 34 35


Since 2003, SHQ (Singapore Regional Headquarters) has been established to provide effective control over the business activities in South East / West Asia. This region

includes more than 10 over countries with great diversities in political, economic and social aspects. It is therefore desirable to develop expertise locally to maximize efficient

expansion.

The headquarters is strategically located in Singapore, and as it is a trans-shipment hub in the region, it handles about 20% of the world’s total container trans-shipments. On a

yearly basis, it has achieved more than 20 million TEUs, and is still growing. Singapore also has an open market economic policy which facilitates international trade, so it is also a

global business and logistics center.

DalianTianjinQingdao

Ningbo

NanjingShanghai

HeadquartersBranch Office

China Network

HMM Global Network China Network 36 37


Due to the excellent management of Headquarters, HMM China has

continued to expand in China over the past two years. In 2005, HMM China’s

total export volume on TPS, Europe, Intra Asia reached 3,620 TEU, 1,075

TEU, and 1,190 TEU per week, with growth ratios of 19.9%, 16.8%, and

5.7% compared to those of 2004. Due to the fast growth and potential of the

Ningbo market, HMM China upgraded Ningbo representative office to branch

office level in 2005.

By the end of 2005, HMM completed its preparation on joint venture

company establishment, so that HMM China could expand its business into

shipping agency areas from 2006. It is expected that HMM China’s service

quality will be highly enhanced as a result.

In 2006, HMM China plans a series of service reshuffling or vessel

upsizing programs. On TPS trade, both PCX & PNW would be upsized in the

3rd quarter. On Europe trade, the cooperation with Grand Alliance on Loop 3 /

Loop 4 / Loop M begins from March. After that, the East China / North China

to Europe service will be much improved. On Intra Asia trade, a new China -

India service will be launched in April. With all these major developments, it is

certain that China business will be improved and expanded step by step.

Furthermore, HMM China would like to further enhance and enlarge its

network in China. In the 1st half of 2006, Nanjing representative office was

upgraded to branch office, and the possibilities for a West China network is

thought out.

After 10-year’s rapid development, Hyundai Merchant Marine (China) Co., Ltd. officially established China

Headquarters in Shanghai by the end of 2003 thanks to its outstanding progress in China.

ShenzhenHong Kong

SubsidiaryBranch Office

YokohamaOsaka

Tokyo SubsidiaryBranch Office

HMM Global Network Japan/Hong Kong Network 38 39

HMM Japan has three owned offices in Tokyo, Yokohama and Osaka, and three agent offices in Nagoya, Shimizu and

Hakata. The Tokyo office covers all matters related to sales and administration in Japan, as the main office of HMM Japan. The Osaka

office pays particular attention to sales in west Japan, and three agent offices cover sales at major local ports. The Yokohama office is the

center for documentation work for all Japan.

We have six services (PS3, GCX, PNW, APX, NUE, PSW) in TPS and two services (AEX, JEX) in Europe, and six services (JTP,

JTD, SCV, JCV , KMS, SMS) in Asia as well as our recently highlighted Inter Port Services.

In 2006, HMM Japan will focus on the following three targets in line with the company’s long-term strategy plan.

First, it will develop sales that can create high profits and cut costs.

Second, it will maximize savings by cutting down on costs incurred in the depots and terminals and by balancing exports and import, so

that positioning expenses like THC, Lift on/off charge and trucking costs for supplying or removing containers can be reduced.

Third, it will maximize the job performance of staff in all offices, especially by changing documentation procedures to a computerized

system. To achieve this, we will develop a new program to speed the current manual-documentation process.

With the rapid economic growth of the South China market, HongKong handled over 23 million TEUs in 2005 as the second busiest port of theworld, and Shenzhen handled over 16.5 million TEUs. HMM Hong Kong, handledapproximately 500,000 TEUs and around 100 calls per month at Hong KongInternational Terminals (the largest terminal operator in Hong Kong).

With the rationale of “Service is ours, Satisfaction is yours,” HMM HongKong and South China offer a varied range of services from Hong Kong and SouthChina to North America, Europe and the Mediterranean, Asia, Middle East andAustralia to meet customer needs.

e-Business Promotion:

To ensure HMM is most up-to-date in the shipping industry, HMM Hong Konghas promoted the HMM EDI linkage, HMM homepage www.hmm21.com, it hasalso coordinated well with the partner global-shipping logistics portal - GT Nexus.The e-ratio of HMM Hong Kong steadily improved in 2005.

Multimodal - Railway Service:

In 2005, with the aim of offering a top service to our customers, HMM HongKong worked closely with Shenzhen Pingyan Railway Company Limited (amember of the Hutchison Port Holdings Group) to provide a multimodal, railwayservice, for customers in South China.

In 2006, HMM Hong Kong will keep on delivering and upgrading convenienttransport and value-added services to our customers.

HYU

ND

AI MERCH

ANT M

ARINE CO

., LTD.

Japan Hong Kong

KaohsiungTaipei

Subsidiary

Hyundai Ocean Pioneer Shipping Agency Co., Ltd.,

which is located in Taipei was established in 1999 as a joint

venture with a local agency and became a 100% HMM subsidiary

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

HMM customers with quality transportation services in major

trade lanes covering the USA, Europe, and the Middle East as well

as Intra Asia.

In 2006, we will focus on maximizing customer satisfaction by

providing a high quality service. We will also improve internal

efficiency and cost cutting by introducing a new generation IT

system. To overcome forthcoming market conditions we will

concentrate our efforts on transporting high value-added freight,

and on strengthening relationships with customers. All HDOP staff

will do their best, while keeping in mind that in any problematic

situations there are always solutions and opportunities.

The Kaohsiung Hyundai Terminal (KHT), which has been an

exclusive terminal for HMM Taiwan since 1996, is located at Pier

75 of No.5 Container Terminal Center at Kaohsiung Port. It has a

land area of 111,636 sq. meters and is equipped with 3 gantry

cranes, 8 transfer cranes, 2 reach stackers, 18 yard tractors, and

30 chassis units. KHT also provides CFS, and a container M and R

service besides container handling. KHT has been awarded a best

contribution recognition by Kaoshiung Port Authority (KPA) for its

volume increase for three consecutive years since 2003. To cope

with increasing container handling volumes, KHT will enlarge

storage capacity by purchasing one top-handler which is capable of

stacking empty containers up to 6 tiers. Transtainer lifting height

will increase from the current 4 tiers to 5 tiers.

KHT’s long term plan is - in connection with the development

of KPA No.6 Container Center Project - to extend KHT yard size,

berth length and gantry crane boom length in order to facilitate

mega-size vessel operation capacity. This will safeguard KHT’s

position as HMM’s hub port for Southeast Asia.

HYU

ND

AI MERCH

ANT M

ARINE CO

., LTD.

Financial Statements

HMM’s Development

Managing Staff

Management Organization

Fleet List

Headquarters & Global Network

Company Data

Taiwan

Company Data Financial Statements 42


43

BALANCE SHEET (Unit : Million KRW) (Unit : Million KRW)



Financial Statements

Account 2005 2004Current assets 1,026,305 680,870

1. Quick assets 944,077 627,4472. Inventories 82,228 53,423

Non-current assets 3,787,932 3,334,1451. Investments 548,063 435,4752. Property, vessels and equipments 3,230,906 2,889,3413. Intangible assets 8,963 9,329

Total assets 4,814,237 4,015,015Current liabilities 939,185 1,014,061Non-current liabilities 2,450,629 2,156,935

Total liabilities 3,389,814 3,170,996Capital stock 515,366 515,366Capital surplus 382,627 858,235Retained earnings 386,402 288,479Capital adjustments 140,028 241,103

Total shareholders’ equity 1,424,423 844,019Total liabilities and stockholders’ equity 4,814,237 4,015,015

STATEMENTS OF INCOMEAccount 2005 2004

Sales 4,845,594 5,118,612Cost of sales 4,287,934 4,475,242Gross profit 557,660 643,370Administrative expenses 91,249 88,546Operating profit 466,411 554,824Non-operating income 179,221 353,054Non-operating expenses 220,922 287,052Ordinary income 424,710 620,826Extraordinary gain - -Extraordinary loss - -Net income before taxes 424,710 620,826

Net income 386,402 427,869

STATEMENTS OF CASH FLOWSAccount 2005 2004

1. Cash flows from operating activities 455,206 915,235

2. Cash flows from investing activities 315,658 84,208

3. Cash flows from financing activities 32,960 769,713

4. Net increase (1+2+3) 106,589 61,313

5. Cash and cash equivalents at the beginning of the year 69,938 8,624

6. Cash and cash equivalents at the end of the year 176,526 69,938

STATEMENTS OF APPROPRIATION OF RETAINED EARNINGSAccount 2005 2004

1. Retained earnings before appropriation 386,402 376,357

Net Income 386,402 427,869

2. Transfer from voluntary reserves - 5,460

3. Disposition of accumulated deficit - 370,897

4. Appropriations of retained earnings 122,639 -

Cash dividend (KRW 500/Share) 51,537 -

5. Earning surplus carried forward to the following term 263,763 -


Company Data The Board of Directors/Major Shareholders 44 45

The Board of Directors Major Shareholders

NAME STATUS DUTIES

Hyun Jeong-Eun Chairwoman of the Board of Directors Chairwoman of Hyundai Group

Noh Jeong-Ik Representative Director President & CEO

Jeon In-Baik Standing Director President of Hyundai Group Development and Planning Office

Lee Dong-Yeol Standing Director Head of Bulk Division

Yang Bong-Jin Outside Director Dean, College of Business Administration, Sejong University

Kim Dong-Gun Outside Director Managing Partner & Attorney at Law, “Barun” Law Firm

Kang Bo-Hyun Outside Director Managing Partner & Attorney at Law, “Yoon and Yang” Law Firm

Jon Joon-Soo Outside Director Dean, College of Business Administration, Sogang University

Eric Sing Chi Ip Outside Director Managing Director, Hong Kong International Terminals

2005 2004

Number of Percentage of Number of Percentage ofshares ownership (%) shares ownership (%)

Hyundai Elevator 17,690,000 17.16% 17,690,000 17.16%

Geveran Trading 16,284,300 15.80% 8,117,650 7.88%

Cape Fortune 10,305,040 10.00% 10,305,040 10.00%

Hyundai Engineering & Construction 8,961,577 8.69% 8,961,577 8.69%

Stavanger Fondsforvalting 7,664,950 7.44% 6,748,530 6.55%

Kumgang Korea Chemical et al. 6,452,000 6.26% 6,452,000 6.26%

Hyun Jeong-Eun et al. 3,472,793 3.37% 3,472,793 3.37%

Hyundai Department Store 2,379,423 2.31% 2,379,423 2.31%

Hyundai Development 2,003,000 1.94% 0 0.00%

Hyundai Marine & Fire Insurance 1,930,000 1.87% 2,200,000 2.13%

Hyundai Motor Company 562,121 0.55% 562,121 0.55%

Others 25,368,025 24.61% 36,184,095 35.11%

(As of March 10, 2006) (For the year end December 31, 2005, 2004)


Company Data HMM’s Development 46 47

1976 Company established as Asia Merchant Marine onMarch 25, with a capital of 200 million.Transportation service opened with a fleet of threeVLCCs.

1977 Bulk cargo tramp service and deep-sea tug servicebegan.

1978 Conventional liner service opened between the FarEast and the Middle East.

1979 Bulk service introduced between Korea and LatinAmerica.

1980 Specialized car carrier service established.

1981 Specialized ore and coal transportation servicebegan.

1982 US subsidiary, Hyundai Merchant Marine America(HMMA) founded.Conventional liner service introduced among the FarEast, the Western and Eastern US and the Gulf ofMexico.

1983 Company name changed to Hyundai MerchantMarine Co., Ltd. on August 9.Conventional liner service between Southeast Asiaand the Eastern US, and container service betweenthe Western US and Australia opened.

1990 Hyundai Intermodal, Inc. (HII) established as asubsidiary to provide a full-service Intermodaltransport service within the US.

1991 Direct Korea-Russia route between Busan andVostochny opened.

1992 Five 4,411 TEU full container ships deployed in theFar 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 SoutheastAsia.Asia-Pacific Northwest (PNW) exclusive service routestarted.Korea first LNG transport service began in June withthe launching of the Hyundai Utopia.

1995 Hyundai Logistics Co., Ltd. container servicebusiness HQ incorporated into the Seoul branchoffice.First video conferencing system (Seoul-Los Angeles)for a Korean shipping company opened.Inland depot in Hong Kong secured with theestablishment of a joint venture.Container service began between Europe and theSouth Pacific with England’s container ship.

1996 Three of the world’s largest car carriers (6,000vehicle capacity) acquired.Exclusive container terminal opened in Kaohsiung,Taiwan.Seven of the world’s largest and fastest containerships (5,551 TEU) deployed.Presidential citation (Best Performance Tower) givenat the first Ocean Day in May: Captain Shin Yong - hoawarded Suktop (Stone Tower) decoration.Sales reached US$ 2.5 billion.ISO 14001 certification acquired, the first among theworld’s multimodal transportation companies.

1997 Inland container depot opened at Euiwang, Korea.HMM Bangkok office upgraded to subsidiary statusand 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 andMOL.Sales reached US$ 3.25 billion.

1984 Vessels owned by Halla Merchant Marine Purchased.Operation on behalf of Dong Hae Merchant Marine andShin Han Shipping fleets established.Subsidiary called Sun Eel Shipping founded.

1985 Operation of Koryo Merchant Marine vesselscommenced.Full container service opened between the Far East andthe Western US.Acquisition of Dong Hae Merchant Marine and Shin HanShipping completed on August 31 and December 31,respectively.

1986 Semi-container service linking Europe, the South Pacificand Australia opened.

1987 Paid-in Capital increased to 109.5 billion.

1988 Double stack train (DST) rail freight service establishedbetween Long Beach, Chicago and the Eastern US.Asia Merchant Marine, a separate division and generalsales agency for domestic business, founded.Acquisition of Koryo Merchant Marine completed onJanuary 4.

1989 Japanese subsidiary incorporated.DST service for Gulf of Mexico region of the USintroduced.Paid-in Capital increased to 150 billion.

The view of the christening of the AtlanticBaroness. The ship’s name was changed tothe Korea Sun. It was the company’s firstship.Hyundai Business Group former, Chung Ju-yung making a technical cooperationagreement with A&P Appleddore ofEngland. The ceremony inaugurating the Korea Sun.

The christening of a new ore and coalcarrier, the Hyundai Pacific, in 1981, atwhich Kim Hyo-sun (wife of Moon Byung-rin, the Minister of Korea Maritime and PortAdministration) officially named the vessel. Laying the keel of the Hyundai Utopia in 1992. HMM chairman Hyun Yung-won shakinghands with representatives from variousnations participating in the World AgencyMeeting in 1987.

A 4,411-TEU container vessel in Ulsan.

1970

1980

1990

HMM’s Development


Company Data HMM’s Development 48 49

1998 The New World Alliance service began with APL andMOL.Hyundai Fleet Management System, covering suchinformation as weather conditions, vessel locationsand ocean current changes, established.Korea’s first Korea-Middle East container servicecommenced.The Carrier Service Partnership Award received fromPayless Shoesources, Inc.The Asian Captain, a 6,000-vehicle PCTC, delivered.

1999 100% management rights for California UnitedTerminal in Long Beach acquired.The official international Y2K Statement obtained theexclusive container terminal at the port of Tacoma,USA opened.Hyundai Busan Container Terminal, the largest publiccontainer terminal in Korea opened.LNG carrier, Hyundai Technopia delivered.HMM Container Terminals acquired ISO 9002/ISO14001 Certification at the same time.Sales revenue reached US$ 4.0 billion.

2004 Chinese market strengthened to open new serivces- PCX(Pacific China Express), KSX(Korea ChinaExpress), SCX(South China Express).All of HMM’s vessels and port facilities approvedISPS(International Ship and Port Facility Security)Code.Hyundai Group Vision 2010 proclaimed.Overseas staff were invited to Seoul HQ tounderstand HQ’s cultural background.President & CEO, Noh Jeong-Ik promoted activeIR(Investment Relations) in domestic and overseas.Increased vessel Investment HMM purchased andordered to construct 11 container ships, 9 tankersand 2 bulk carriers.

2005 Appointed its first representative in Ho Chi Minh city,Vietnam, and established an Indian Subsidiary onJuly 15th.Naming ceremony of the ‘Universal Queen’, a newVLCC, was held sponsored by Korean First LadyKwon Yang-sook.Ordered to construct four 8,600 TEU containerships -the largest domestic vessels ever - and five 4,700TEU ships.Extended the terms of alliance agreement with TheNew world Alliance (TNWA) to 31st December,2012. Also TNWA announced a co-operationagreement on key trades with the Grand Alliance(GA).Selected as Best Shipping Company - ‘2005 Globalpartnership Carrier (GPC)’ by Japan’s SONY, ‘Carrierof the Year’ by Best Buy.

2000 The new management vision for the 21st century,HMM 21 proclaimed.President & CEO, Choong-Shik Kim awarded GoldTower industrial medal his contribution to Korea’sshipping industry.Three 135,000 CBM LNG carriers, HyundaiCosmopia, Hyundai Aquapia and Hyundai Oceanpiadelivered.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’sleading ocean carriers established.6,500 TEU container vessels on the PSW (Pacific-Southwest service) route deployed.’iloveshipping.com’ a shipping information siteestablished.

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 andmanagement.

2003 South-East / West Asia Headquarters established.Global Integration System (GIS) established.Naming ceremony of the ‘Hyundai Glory’, a new4,700 TEU container vessel, was held.China Headquarters established.

Five 6,500 TEU container vessels to the Asia - North America service route deployed in 2001.A ‘Cyber Customer Service Center’ in the HMM internet homepage built in 2001.Naming ceremony of the ‘Hyundai Glory’ a new 4,700 TEU container vessel, was held in 2003.Hyundai Business Group Vision 2010 proclaimed in 2004.President Noh promoted IR in 2004.On July 15th, 2005 Indian subsidiary established.Naming ceremony of the ‘Universal Queen’, a new VLCC, was held sponsored by Korean First Lady Kwon Yang-sook, 2005.

HMM has committed six 5,551-TEUcontainer vessels to transpacific routes. The company initiated operation of trainstransporting reefer container cargoesbetween the ports of Euiwang and Busan. In 1999, HMM acquired 100% managementrights for California United Terminal at LongBeach, U.S.A..

On April 1999, the exclusive containerterminal(WUT) opened at the port ofTacoma, U.S.A..

HMM’s Development

2000


Management Organization

President Liner Division Trans-Pacific Liner Dept.Europe Liner Dept.Asia & Oceania Liner Dept.Liner Operation Dept.Harbor & Logistics Dept.Service Coordination Dept.Equipment Control Dept.Liner Strategy & Planning Dept.

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

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

South-East/West Asia Headquarters Hyundai Merchant Marine (Mumbai) Sdn. Bhd.Hyundai Merchant Marine (Singapore) Pte. Ltd. Jakarta OfficeHyundai Merchant Marine (Thailand) Co., Ltd. Ho Chi Minh OfficeHyundai Merchant Marine (Malaysia) Sdn. Bhd.

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

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

General Administration Dept.Accounting Dept.Revenue & Expense Auditing Dept.Financing Dept.

Global Network Service OfficeProcurement Dept.Emergency Training Dept.

Safety Management Dept.Marine Affairs Dept.Tanker Management Dept.

Bulk Carrier Maintenance & Engineering Dept.Container Fleet Maintenance & Engineering Dept.New Building & Technical Dept.

Local OfficeIncheon OfficePohang OfficeGwangyang Office

Seoul BranchTrans-Pacific Export Sales Dept.Europe Export Sales Dept.Asia Export Sales Dept.Import Sales Dept.Customer Service Dept.Gangnam Office

Busan BranchTraffic & Operation Dept.Business Dept.Documentation Dept.Yong Dang CY

Bulk Division

AdministrationDivision

Maritime Division

Overseas Organization

HMM America

HMM Europe

South-East/West Asia

HMM China

Dubai OfficeSydney Office

Melbourne OfficeMoscow Office

Corporate Planning OfficePublic Relations OfficeInsurance & Legal Dept.Information & Technology Team

Company Data Management Organization 50 51

Company Data Managing Staff 52


53

Senior Executive VicePresidentAhn Hong-Hwan Head of AdministrationDivision

President & CEO

Noh Jeong-Ik

Executive Vice PresidentShin Yong-Ho Head of Maritime Division

Executive Vice PresidentPark Jae-Yung Head of HMM America, Inc.

Executive Vice PresidentPark Nam-Seung Head of HMM South-East/West Asia H.Q.

Executive Vice PresidentLee Jae-Hyun Head of Liner Division

Executive Vice PresidentYoo Chang-Keun Head of HMM Europe Ltd.

Executive Vice PresidentLee Dong-Yeol Head of Bulk Division

Executive Vice PresidentKim Jong-Hun HMM Europe Ltd.

Senior Vice PresidentKim Yoon-Ky Director in charge ofAsia & Oceania Liner Dept./Service Coordination Dept./Liner Strategy & Planning Dept.

Senior Vice PresidentShin Jae-Hee Director in charge ofCorporate Planning Office/Public Relations Office/Insurance & Legal Dept./Information & Technology Team

Senior Vice PresidentKwon Joo-Suk Director in charge ofContainer Fleet Maintenance &Engineering Dept./Bulk CarrierMaintenance & Engineering Dept./Tanker Management Dept./New Building & Technical Dept.

Senior Vice PresidentKim Chang-Woo Head of HMM China H.Q.

Senior Vice PresidentKim Jae-Seon Head of HMM Hong KongLtd.

Senior Vice PresidentHan Woong-Sup Director in charge of Busan Branch

Senior Vice PresidentKim Jong-Kwon Director in charge of SeoulBranch

Vice PresidentRyu Ho-Yeon HMM America, Inc.

Vice PresidentChoi Kyung-Ho Director in charge ofAccounting Dept./Revenue & Expense AuditingDept.

Vice PresidentKim Hong-Ki Hyundai America ShippingAgency, Inc.

Vice PresidentLee Young-Joon Tramper Dept.

Vice PresidentNam Myeng-Jin Cargo Stowage & SafetyManagement Dept.

Vice PresidentChoi Hyeong-Gyu Jakarta Office

Vice PresidentKim Duck-Man Global Network Service Office

Vice PresidentChung Han-Goo Head of HMM Japan Co., Ltd.

Vice PresidentKim Soo-Ho Director in charge ofLiner Operation Dept./Equipment Control Dept./Harbor & Logistics Dept.

Vice PresidentNa Sung-Hwa LNG Carriers Dept.

Vice PresidentLee Taeg-Gyu Director in charge ofMarine Affairs Dept.

Vice PresidentHong Jee-Heon Head of California UnitedTerminals, Inc.

Vice PresidentSong Yo-Ick Trans-Pacific Liner Dept.

Vice PresidentKang Sun-Koo Director in charge of Financing Dept.

Vice PresidentHwang Jung-Soo Bulk Carrier Maintenance &Engineering Dept.

Vice PresidentLee Seok-Dong Head of HMM DeutschlandGMBH

Vice PresidentChoi Jung-Ki Procurement Dept.

Vice PresidentSon Young-Il Europe Liner Dept.

Vice PresidentLim Jae-Hoon Head of HMM Singapore Pte,Ltd.

Vice PresidentOh Dong-SooPublic Relations Office

Vice PresidentBang Han-DongTanker Dept.

Vice PresidentKim Ji-Taek Head of HMM Taipei Ltd.

Vice PresidentLee Joo-SunMelbourne Office

Vice PresidentPark Young-KanSafety Management Dept.

Vice PresidentShin Hyun-JongHead of HMM Shanghai Ltd.

Vice PresidentLim Jong-KiHMM Europe Ltd.

Vice PresidentKang Ho-KyungAsia & Oceania Liner Dept.

Vice PresidentJung Han-KiHead of HII Ltd.

Managing Staff


Company Data Fleet List 54 55

BULKCARRIER

WOODCHIP CARRIER

CHEMICAL CARRIER

VLCC

LNGCARRIER

P.TANKER

PULP CARRIER

1 Global Winner 1997 161,121 81,152

2 Global Victory 1996 149,155 76,068

3 Pacific Champ 1996 43,229 25,503

4 Pacific Royal 1996 43,210 25,503

5 Ina 2003 175,600 88,800

6 Nordweser 2001 75,323 40,605

7 Nicolaos A 2003 53,806 31,167

8 Equinox Dawn 2002 52,015 30,049

9 Curia 2001 51,029 28,691

10 Tai Harmony 2001 51,008 28,615

11 Genco Wisdom 1997 47,180 26,094

12 Hawk 1994 45,111 26,122

13 C. Laurel 2005 151,380 77,304

14 Frontier Angel 2001 52,200 29,885

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

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

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

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

5 Hyundai Greenpia 1996 71,910 103,764 125,000 CBM

1 Hyundai Sun (DH) 1998 299,984 156,692

2 Universal Hope (DH) 1993 299,700 158,475

3 Universal Peace (DH) 1995 299,700 158,475

4 Asian Jade (DH) 2005 105,000 57,154

5 Pacific Superior (SH) 1994 269,605 146,849

6 Pacific Courage (SH) 1992 269,101 145,403

7 Hyundai Star (SH) 1995 281,199 151,592

8 Universal Brave (DH) 1997 299,997 156,692

9 Universal Prime (DH) 1997 299,985 156,692

10 Hyundai Banner (SH) 1996 281,074 151,977

11 Universal Queen 2003 309,000 163,465

12 Universal Crown 2003 309,000 163,465

1 Oriental Emerald (DH) 2005 49,700 30,971

2 Oriental Ruby (DH) 2005 49,700 30,971

3 Oriental Green (DH) 1998 99,992 56,955

4 DL Iris (DH) 1998 108,227 57,450

5 Pacific Serenity (DH) 2003 48,000 28,850

1 Kiani Satu 1997 16,500 16,660

6 Admiral L (SH) 1990 41,000 23,967

7 ARGOSY (SH) 1991 41,000 23,967

8 Vijayanti (DH) 1997 31,259 23,386

9 Dewi Sawitri (DH) 1999 17,961 13,468

13 Millennium (DH) 1998 299,984 156,692

14 LA ESPERANZA (DH) 1993 299,700 158,475

15 LA PAZ (DH) 1995 299,700 158,475

16 Sacramento (DH) 1998 157,411 81,565

17 Faultless (DH) 1992 154,970 79,718

18 Potomac (DH) 2000 159,999 81,093

19 Nordasia (DH) 1998 105,994 57,009

20 SYLT (SH) 1993 279,995 153,332

21 SALA (SH) 1993 279,995 153,332

22 EL JUNIOR (SH) 1995 266,072 149,896

23 VL MALIBU (SH) 1989 248,976 137,024

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

7 YK -Sovereign 1995 71,909 103,764 125,000 CBM

8 Hanjin Pyeong Taek 1995 71,041 90,004 125,000 CBM

9 LNG Aquarius 1977 65,000 95,084 126,000 CBM

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

CONTAINERSHIP

ORE / COALCARRIER

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

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

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

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

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

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

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

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

9 Hyundai Vladivostok 1997 24,766 21,611 2,200 TEU

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

34 Hyundai Challenger 1989 37,915 39,678 2,633 TEU

35 Mamitsa 1985 25,088 18,145 1,442 TEU

36 Hyundia Opal 1989 19,710 18,342 1,171 TEU

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

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

39 Fesco Voyager 1998 13,896 12,471 840 TEU

40 Hyundai Shanghai 2006 80,480 74,651 6,800 TEU

1 Hyundai Continental 1988 200,269 101,466

2 Hyundai Universal 1990 200,100 101,604

3 Hyundai Olympia 1987 186,330 93,005

4 Hyundai Cosmos 1986 163,256 85,678

5 Hyundai Prosperity 1990 151,258 77,307

6 Hyundai Atlas 1995 149,310 76,068

7 Hyundai Oceania 1983 139,887 76,068

8 Hyundai Island 1986 127,853 67,897

9 Hyundai Spirit 1993 126,000 68,093

10 Pacific Success 1989 37,450 24,790

11 Hyundai Power 1998 149,221 76,068

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

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

1 Golden Top(DH) 2004 12,750 7,240

VLGC 1 Gaz Energy(DH) 1990 50,743 44,680

Fleet List (As of March 2006)


Company Data Headquarters & Global Network 56 57

Head Office (Seoul)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-3Dong, Dong-Gu, Busan, KoreaTel:(051)461-7000 Fax:(051)462-9844

Bulk Carrier Maintenance & EngineeringDept. (Busan)15th Fl., Hyundai M & F Insurance Bldg., 1193-5Choryang-3Dong, Dong-Gu, Busan, KoreaTel:(051)462-0353 Fax:(051)462-0354

Container Fleet Maintenance &Engineering Dept. (Busan)16th Fl., Hyundai M & F Insurance Bldg., 1193-5Choryang-3Dong, Dong-Gu, Busan, KoreaTel:(051)461-6917 Fax:(051)462-9855

Tanker Management Dept. (Busan)16th Fl., Hyundai M&F Insurance Bldg., 1193-5Choryang-3Dong, Dong-Gu, Busan, KoreaTel:(051)461-7000 Fax:(051)462-7844

New Building & Technical Dept. (Busan)1, Cheonha-dong, Don-Gu, Ulsan, KoreaTel:(052)230-5671 Fax:(052)252-7146

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

Busan Branch (Traffic & Operation Dept.)3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, KoreaTel:(051)607-7800 Fax:(051)624-8457

Busan Branch (Business Dept.)15th Fl., Hyundai M&F Insurance Bldg., 1193-5Choryang-3Dong, Dong-Gu, Busan, KoreaTel:(051)463-0710 Fax:(051)469-1553

Busan Branch (Documentation Dept.)3rd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, KoreaTel:(051)625-7155 Fax:(051)607-7801

Busan Branch (Yong Dang CY)2nd Fl., 206-5, Yongdang-Dong, Nam-Gu, Busan, KoreaTel:(051)607-7700 Fax:(051)607-7719

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

Denver7807 East Peakview Ave., Suite 200Englewood, CO 80111, U. S. A. Tel: 720-488-2500 Fax: 720-488-2509

Dallas (AHQ)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: 248-799-9718Houston1235 North Loop West, Suite 900Houston, TX 77008, U.S.A.Tel: 713-861-0123 Fax: 713-861-3668

Houston (Bulk)2180 North Loop West, Suite 215Houston, TX 77024, U.S.A.Tel: 713-263-1990 Fax: 713-263-1870

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 1625Memphis, TN 38157, U.S.A.Tel: 901-681-4380 Fax: 901-681-4383

Minneapolis8009 34th Ave., Suite 1460South Bloomington, MN 55425, U.S.A.Tel: 952-893-1345 Fax: 952-893-1718

HYUNDAI AMERICA SHIPPING AGENCY, INC.

HYUNDAI MERCHANT MARINE (AMERICA), INC.

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

Portland121 S.W. Salmon St., Suite 1050Portland, OR 97204, U.S.A.Tel: 503-224-1112 Fax: 503-224-3434

San Francisco455 Market St., Suite 1600San Francisco, CA 94105, U.S.A.Tel: 415-536-2700 Fax: 415-536-2711

Seattle6840 Fort Dent Way, Suite 300Seattle, WA 98188, U.S.A.Tel: 206-988-5481 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

Toronto2800 Skymark Avenue,Suite 500Mississauga, Ontario L4W 5A6, CanadaTel: 905-625-1663 Fax: 905-625-1415

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

Dallas1750 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

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

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

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

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

Birmingham 2nd Fl., Suite 2D St. Georges Court1 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

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

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 72-74Duesseldorf, 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 8-10 CZ-18630Praha, CzechTel: 420-224-891-310~1 Fax: 420-224-891-312

Warsaw (Poland)125/127 Aleje Jerozolimiskie Avenue02-017 Warsaw, PolandTel: 48-22-621-64-15 Fax: 48-22-621-97-40

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

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

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

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

HYUNDAI MERCHANT MARINE (FRANCE) S.A.

HYUNDAI MERCHANT MARINE (BELGIUM) N.V.

HYUNDAI MERCHANT MARINE (NETHERLANDS) B.V.

CONTAINER DEPOT UND REPARATUR HAMBURG GMBH

HYUNDAI MERCHANT MARINE (DEUTSCHLAND) GMBH

HYUNDAI MERCHNT MARINE (EUROPE) LTD.

SEWARD TERMINAL INC.

CALIFORNIA UNITED TERMINALS, INC.

WASHINGTON UNITED TERMINALS, INC.

HYUNDAI INTERMODAL, INC.

REGIONAL CUSTOMER SERVICE CENTERS



Company Data Headquarters & Global Network 58 59

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

Lyon3rd 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

GothenburgForsta 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

HelsinkiTeknobulevardi 3-5, 01530 Vantaa, HelsinkiTel: 358-9-825-4020 Fax: 358-9-825-40250

Tokyo 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 Higobashi Nittai B/D. 1-10-2 Edobori 1-Chome, Nishi-ku Osaka 550-0002, Japan Tel: 81-6-6449-0888 Fax: 81-6-6449-0889

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

China Headquarters (Shanghai) 33,34th floor Harbour Ring PlazaNo 18 Xi Zhang Middle RoadShanghai 200001, P.R.China Tel: 86-21-6122-7222 Fax: 86-21-6122-7292

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

Tianjin Room 2901, 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

ChongqingRoom 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 B1, 15th Fl., Golden Eagle Int’l ExecutiveOffice B/D.No. 89 Hanzhong Road Nanjing 210029, ChinaTel: 86-25-84700405~8 Fax:86-25-84700409

NingboRoom 1703-1704, The Bund B/DNo. 132 Ren MIn RoadNingbo 315000, ChinaTel: 86-574-8765-8888 Fax: 86-574-8765-8860

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

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

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

HYUNDAI MERCHANT MARINE (HONG KONG) LTD.

HYUNDAI MERCHNT MARINE (CHINA) CO., LTD.

HYUNDAI MERCHANT MARINE (JAPAN) CO., LTD.

HYUNDAI MERCHANT MARINE (SCANDINAVIA) AB

Hong Kong (Terminal Office) Units 307-308A, Hong Kong Int’l Distribution Center 3rd Fl., Office Tower, 18 Container Port Road South Kwai Chung, New territories, Hong KongTel: 852-2419-0118 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, 158 Wusi RoadGu Lou District, Fuzhou 350003, China Tel: 86-591-87401677 Fax: 86-591-87401177

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

Yantian Room 603-605, Hougong B/D, YICT Ltd. Sha Tou Jiao,Shenzhen 518081, ChinaTel: 86-755-2529-0652 Fax: 86-755-2529-0654

Hong Kong (Depot)DD 125, Lot 1812, Ping Ha Road Lau Fau ShanNew Territories, Hong KongTel: 852-2472-4398 Fax: 852-2472-0387

South-East/West Asia Headquarters7, Temasek Boulevard, #41-1, Suntec City Tower OneSingapore 038987, Republic of Singapore Tel: 65-6339-9844 Fax: 65-6336-9422

Bangkok 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

Klang Suite 8.01, Level 8, Menara Trend, Intan Millennium Square No 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

Mumbai194 Earnest House, 4th Floor, NCPA, MARG, Nariman point Mumbai 400 021, IndiaTel: 91-22-4000-1111 Fax: 91-22-2287-4772~3

New Delhi2nd Floor, Chintel House, A-11, Kailash ColonyNew Delhi 110-048, IndiaTel: 011-5163-3371 Fax: 011-5163-3376

Chennai2nd Floor, 165, Thambu Chetty Street,Chennai 600 001, IndiaTel: 044-2534-0090 Fax: 044-2534-0144

Nhava ShevaSeabird Marine Services Pvt. Ltd., CFS1st Floor, Plot No. 70/81, Sector-1Dronagiri Node, Taluka Uran, Dist. Raigad Navi Mumbai 400 707, IndiaTel: 91-22-2724-0086 Fax: 91-22-2724-0029

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

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

JakartaWisma 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

Ho Chi MinhRoom 505-506, Saigon Riverside Office B/D2A-4A Ton Duc Thang St., District 1Ho Chi Minh City, VietnamTel : 84-8-824-7198 Fax : 84-8-823-3791

OVERSEAS OFFICES

HYUNDAI MERCHANT MARINE (TAIWAN) CO., LTD.

HYUNDAI OCEAN PIONEER SHIPPING AGENCY CO., LTD.

HYUNDAI MERCHANT MARINE INDIA PVT. LTD.

HYUNDAI MERCHANT MARINE (MALAYSIA) SDN., BHD.

HYUNDAI MERCHANT MARINE (THAILAND) CO., LTD.

HYUNDAI MERCHANT MARINE (SINGAPORE) PTE. LTD.

CHANGWAN CONTAINER SERVICE LTD.


Documents

Annual Report 2005 - HyundaiAlso, on April 2, HMM was selected by the Korea Logistics Academy as the best company in the “Best Korea Logistics Award” sector. It’s also remarkable