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HMM INVESTS $2.8B IN CONTAINERSHIP AND VLCC ORDERS AS PART OF GROWTH PLAN
DETAIL INFORMATION
South Korea's biggest shipping firm, HMM, is advancing its expansion plan, announcing today, October 16, that it has secured newbuilding agreements worth roughly $2.8 billion. The firm recently disclosed intentions to invest around $7.7 billion to enhance its sustainable shipping as it follows a strategy to “ensure a more adaptable and future-ready fleet.”
The existing orders comprise a total of twelve 13,000 TEU dual-fuel container ships. Reports from Korean media indicate that HD Hyundai Heavy Industries will construct eight of the vessels, while Hanwha Ocean will build four. All vessels will utilize dual-fuel LNG. According to the media report, the ships are set to be delivered in 2027 and 2028.
In September 2024, HMM revised its midterm strategy, stating its objective was to grow containership operations with a capacity of around 1.5 million TEU. The firm stated it would expand to a fleet of about 130 ships. When it initially revealed the growth strategy, the aim was to exceed 1 million TEU, and currently, Alphaliner estimates it to be just under that at 997,170 TEU with a fleet of 93 ships.