HMM to spend ￦15 trillion on new ships, green initiatives

HMM's container vessel [HMM]

HMM will spend over 15 trillion won ($11.4 billion) over the next four years to acquire more ships and fund green initiatives.

Of its total investment plan, the shipping company will invest 10 trillion won into acquiring new vessels and logistics facilities.

HMM currently has container vessels that can carry cargo worth 820,000 twenty-foot equivalent unit (TEU), and will increase that to 1.2 million TEU by end of 2026. It has 29 bulk carriers and plans to add 26 more with the investment.

Another 5 trillion won will be invested into its green initiatives.

Part of the investment will be used to acquire more vessels that run on liquefied natural gas (LNG) and methanol, considered more eco-friendly than bunker fuel. The company plans to develop further renewable energy solutions to power its ships in the future.

HMM will invest another 150 billion won into digitizing its services. It plans to develop a computerized system that automatically calculates shipping costs, as well as artificial intelligence services to make its shipping process more efficient.

BY LEE TAE-HEE [lee.taehee2@joongang.co.kr]