HMM Approves $1.6 Billion Investment to Expand Container Ship Fleet

South Korean shipping line HMM approved an investment of 2.17 trillion won, equivalent to approximately $1.62 billion, to expand its container ship fleet. The company's board of directors gave the green light to the deal on Thursday, October 15, which includes ordering eight new 13,000 TEU vessels and acquiring four newbuild ships through resale transactions.

According to information disclosed by HMM in a regulatory filing, the total price of the twelve units amounts to $1,617,156,000, a figure that represents 8.16% of the company's consolidated equity at the close of the last fiscal year. Of the four vessels acquired through resale, three have a capacity of 2,800 TEU and one of 1,700 TEU. Together, the twelve vessels will add 114,100 TEU of capacity to the fleet, with deliveries expected through December 2029, although the company noted that this timeline could change depending on the construction schedule.

HMM operated 97 container ships with a combined capacity of approximately 1.02 million TEU during the first half of 2026. The company aims to reach 166 vessels and 1.47 million TEU by the end of 2030, as part of a 29 trillion won (approximately $22 billion) investment program approved by the board on July 24. This revised strategy relies on a hub-and-spoke network scheme, with large vessels on transoceanic routes supported by medium and small units connecting origins and destinations through hub ports, replacing a 2024 plan that envisioned 130 vessels and 1.55 million TEU by 2030.

HMM has not yet identified the shipyards that will build the eight larger vessels nor the sellers of the four smaller units, and the propulsion specifications of the new ships have not been disclosed either. This investment adds to the commitment made last year for 4 trillion won ($2.8 billion) for twelve dual-fuel LNG 13,000 TEU vessels and two VLCCs, contracts that were awarded at the time to HD Hyundai and Hanwha Ocean.