HMM to significantly expand its fleet by 2030

HMM Co., South Korea’s main sea carrier, plans to significantly expand its fleet of container and bulk carriers by 2030 to boost its global competitiveness.

As Korea Economic Daily (KED) reports, HMM aims to increase its cargo capacity to 150 twenty-foot equivalent units (TEU) from the current 92 TEU. This expansion would equate to the combined load capacity of 130 container ships, up from 84.

For bulk carriers, HMM plans to nearly double its cargo capacity to 12.28 million deadweight tonnage (DWT) by 2030, equivalent to 110 vessels, compared to the current 6.3 million DWT and 36 ships. The company will release details of its mid-term growth plan within the first half of the year. HMM currently holds a 2.7% share of the global container shipping market.

In response to environmental concerns, HMM is considering advancing its zero emissions goal to 2045, five years earlier than initially planned. To support environmental initiatives, Korea Ocean Business will provide fresh capital to domestic shipping firms by acquiring their green bonds and offer new loans to Korean shippers with high environmental, social, and governance ratings at lower interest rates than the market average, KED informs.