South Korea’s HMM reveals $11.4 billion expansion plan

South Korean shipping firm HMM said it would invest 15 trillion won ($11.42 billion) by 2026 to diversify its business portfolio for future growth and expand the company’s fleet, including with LNG-powered vessels.

The strategy includes expanding the fleet capacity of containerships to 1.2 million TEU from the current 820,000 TEU by 2026, according to a statement by HMM released on Thursday.

HMM also plans to boost its bulk business by increasing its fleet to 55 ships from the current 29 ships.

The firm said that it would invest 10 trillion into core assets such as ships, terminals, and logistics facilities and 5 trillion won into diversifying its business.

HMM did not reveal much information regarding the fleet expansion.

In order to slash emissions and contribute to climate goals, HMM said it plans to add to its fleet ships using alternative fuels in the future, including LNG.

“HMM will also make enterprise-wide R&D efforts into the use of carbon-neutral fuels in cooperation with industrial players,” it said.

The firm said last year it had ordered 12 LNG-ready containerships for about $1.57 billion at two compatriot yards.

Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries will each build six 13,000 TEU container vessels.

Prior to that, HMM ordered eight 16,000 TEU LNG-ready containerships at Hyundai Heavy.

Sources recently said that HMM has also chartered two 7,700 TEU LNG-powered vessels.

Navios Maritime Partners, led by Angeliki Frangou, ordered these two ships for $241.2 million at South Korea’s HJ Shipbuilding & Construction (HJSC)

- Advertisements -

Most Popular

US to increase LNG supplies to UK under new deal

The US will boost supplies of liquefied natural gas (LNG) to UK terminals under a new deal revealed on...

Adani, TotalEnergies nearing completion of Dhamra LNG terminal in India

India's Adani and France's TotalEnergies have almost completed their Dhamra LNG import facility located in Odisha, on India’s east...

Trinidad, Shell, BP move forward with Atlantic LNG restructuring plans

Trinidad and Tobago has signed a restructuring deal with the shareholders of LNG producer Atlantic LNG, including Shell and...

More News Like This

Taiwan’s Yang Ming to add five LNG-powered containerships to its fleet

Taiwan's Yang Ming Marine Transport said it has decided to order five LNG-powered containerships, as part of its fleet...

HMM orders 12 LNG-ready containerships at Korean yards

South Korean shipping firm HMM said it has ordered 12 LNG-ready containerships at two compatriot yards. The order has a...