HMM Approves $1.62 Billion Investment in 12 Container Ships
South Korean shipping company HMM has approved a $1.62 billion investment in 12 container ships, including eight 13,000 TEU vessels. Deliveries are scheduled to be completed by the end of 2029.
South Korea-based shipping company HMM has approved a $1.62 billion investment in 12 container ships as it continues to expand its fleet. The order comprises eight newbuild vessels with a capacity of 13,000 TEU each and four smaller ships.
The company’s board of directors approved expenditure of KRW 2.168 trillion ($1.617 billion) yesterday, according to a stock exchange filing. The investment covers new orders for eight 13,000 TEU vessels, as well as the acquisition of three 2,800 TEU ships and one 1,700 TEU ship through the resale of vessels already under construction. The 12 ships will provide a combined capacity of 114,100 TEU, with deliveries scheduled to be completed by December 2029.
HMM has not yet disclosed the shipyards that will build the eight larger vessels or the sellers of the four smaller ships. Technical specifications, including propulsion systems, have also not been announced.
The latest investment follows the company’s KRW 4 trillion ($2.8 billion) investment commitment last year, which covered 12 LNG dual-fuel container ships with a capacity of 13,000 TEU each and two very large crude carriers (VLCCs). HD Hyundai and Hanwha Ocean secured the contracts for the container ships.
Under its business plan through 2030, HMM aims to expand its container fleet to 166 vessels with a total capacity of 1.47 million TEU by the end of the decade. The company also plans to operate a fleet of 110 bulk carriers with a combined capacity of 13.52 million deadweight tonnes (DWT).
