HMM to invest $17 bn by 2030 to boost shipping competitiveness

CEO Kim Kyung-bae

South Korean shipping line HMM Co. announced on Tuesday that it will invest 23.5 trillion won ($17.5 billion) by 2030 to enhance its shipping competitiveness.

According to the company, 12.7 trillion won will be spent on the container segment to expand slot capacity to 1.55 million TEU (130 vessels) by 2030, up from 910,000 TEU this year.

In the bulk segment, HMM will nearly double its fleet to 12.56 million DWT by 2030 from 6.45 million DWT, creating a more stable portfolio.

The company will invest 4.2 trillion won to expand and acquire port terminals and also 1 trillion won to enhance eco-friendly and digital capabilities.

“We will continue to focus on the growth of our core container shipping business,” said HMM Chief Executive Officer Kim Kyung-bae.

HMM also announced it will be a member of a new shipping alliance, Premier Alliance, launching in February 2025.

The alliance will include The Alliance partners, Japan’s Ocean Network Express Holdings and Taiwan’s Yang Ming Marine Transport Corp. It will also cooperate with Mediterranean Shipping Company S.A. (MSC).