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HMM, Korea's leading container shipper, unveiled plans on Monday to significantly expand its fleet by 2030. The company aims to enhance its competitive edge in the global market and establish a more stable business foundation.
The ambitious mid- and long-term strategy includes increasing its container shipping capacity from 920,000 twenty-foot equivalent units (TEUs), or 84 vessels, to 1.5 million TEUs, equivalent to 130 ships.
According to Korea Bizwire, this expansion marks a substantial step forward for the company as it seeks to bolster its position in the international shipping arena.
Expansion in Bulk Cargo and Commitment to Carbon Neutrality
In addition to focusing on container shipping, HMM aims to grow its presence in the bulk cargo sector. The company plans to increase its fleet from 36 ships, with a capacity of 6.3 million dead weight tonnage (DWT), to an impressive 110 vessels boasting 12.28 million DWT. This measure enhances HMM's shipping capabilities and reflects the company's effort to adapt to the global shipping alliance's reorganization and fortify its core business competitiveness.
Korea Times reported that HMM has announced its intentions to consider advancing its goal of achieving carbon neutrality to 2045, five years ahead of the previously set target of 2050. This environmentally conscious move underscores HMM's commitment to sustainable practices and reducing its carbon footprint in the face of global climate challenges.
Global Market Expansion and Financial Revival
Stepping up its efforts to increase its global market share, HMM will expand its service network and diversify shipping routes, reflecting its proactive approach to capturing more of the international shipping market.
This strategy follows years of financial challenges, including a significant bailout in 2013 when the Korea Development Bank injected 6.8 trillion won ($4.91 billion) in public funds into then-troubled Hyundai Merchant Marine, HMM's predecessor. Since coming under KDB control in 2016, HMM has shown signs of revival and is now poised for a new growth phase and global presence.
This comprehensive expansion and eco-friendly initiative reflect HMM's determination to adapt to the rapidly changing global logistics market and lead the industry toward a more sustainable future.
Photo: HMM Newsroom
