South Korea’s HMM is pressing ahead with its fleet expansion programme, approving a $1.62bn investment in 12 containerships comprising eight 13,000 teu newbuildings and four smaller vessels.
The Seoul-listed carrier’s board approved spending KRW2.168trn ($1.617bn) yesterday, according to a stock exchange filing. The investment includes fresh orders for eight 13,000 teu ships, alongside the acquisition of three 2,800 teu vessels and one 1,700 teu ship through resale transactions involving newbuildings already under construction. The 12 vessels will add a combined 114,100 teu of capacity, with deliveries scheduled to be completed by December 2029.
HMM has yet to identify the shipyards responsible for the eight larger vessels or the sellers of the four smaller ships. Propulsion specifications have also not been disclosed.
The latest investment follows last year’s KRW4trn ($2.8bn) commitment covering 12 LNG dual-fuel 13,000 teu containerships and two VLCCs, with HD Hyundai and Hanwha Ocean securing the boxship contracts.
Under HMM’s business plan through to 2030, the carrier aims to expand its containership fleet to 166 vessels totalling 1.47m teu by the end of the decade, alongside 110 bulk carriers with a combined capacity of 13.52m dwt.
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Sam Chambers
Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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