HMM to bolster global alliance, invest W23tr by 2030

(HMM)

South Korea’s leading container shipper HMM said Tuesday it has created a five-year cooperative body, dubbed Premier Alliance, together with two global partners Japan’s ONE and Taiwan’s Yang Ming, to further expand its vessel route network.

Separate from the new alliance, the firm has also signed an agreement with MSC, the world’s top shipper based in Switzerland, to share freight space on Northern European and Mediterranean routes for four years, the company added.

With the extended global network, HMM said, it aims to increase the number of vessel routes from 26 to 30, boosting its service competitiveness overall in the Asia-Europe routes.

Upon the announcement, the company also unveiled a new investment plan worth 23.5 trillion won ($17.5 billion) by 2030 under the vision to become Korea’s top integrated logistics company. The investment includes 12.7 trillion won for container freight, 5.6 trillion won for bulk carriers and 4.2 trillion won for integrated logistics business.

To achieve net zero goals by 2045, five years earlier than previously planned, HMM will spend 14.4 trillion won in low-carbon vessels, eco-friendly businesses and facilities -- 60 percent of total investment -- to become a leading global green shipper.

“We aim to enhance our market competitiveness beyond other cooperative groups and play a role as a national shipping company through direct port calls in Korea,” said CEO Kim Kyung-bae.

By Park Min-ha(en23mp@heraldcorp.com)