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SOUTH Korea's largest shipping company HMM plans to expand its capacity from the current 820,000 TEU to 1.2 million TEU by 2026 and invest KRW15 trillion (US$11.4 billion) in strategic shipping assets during the next five years.
The company plans to secure logistics infrastructure such as terminals to expand its profit base and expand its shipping routes, reports Business Korea.
To promote balanced growth between its container and bulk businesses, HMM will dial up its bulk ship fleet from the current 29 vessels to 55 by 2026.
The expansion will include large ships that are needed to secure shipping alliance routes, medium-sized ships targeting emerging markets and small ships mainly for Asian routes.
HMM will also strengthen environment-friendly logistics services under the goal of reaching carbon neutrality in 2050. The shipping company has replaced ship fuel with low-sulfur oil and installed scrubbers to reduce carbon emissions.
In addition, it plans to make efforts to secure eco-friendly fuel-based low-carbon ships, such as LNG-powered vessels.
HMM will invest more than KWR15 trillion by 2026 to respond to changes in the shipping market. KWR10 trillion will be invested in core assets such as ships, terminals, and logistics facilities, and KWR5 trillion in diversification of its business portfolio.
https://www.shippingazette.com/menu.asp?encode=eng
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