Yoo Chang-Geun, president of Hyundai Merchant Marine (HMM), has recently outlined plans to order up to 10 ships at Korean yards in 2017.

"There are five small and medium sized containerships planned for redelivery and scrap in the second half of next year. We will need five containerships replacement and three to five VLCCs, which will be ordered in 2017," Yoo said, stressing the orders would be made on home soil.

The new boxships will be deployed on intra-Asia trades, with Yoo saying HMM had no intention of ordering larger containerships anytime soon.

"We expect very few large containerships in the 15,000 to 20,000 teu range to be ordered for the next two to three years," said Yoo.

Yoo also said that HMM was reviewing options to take on some of defunct compatriot Hanjin Shipping's assets.