The 24,000-teu HMM Algeciras pictured in after its delivery in April 2020. Photo courtesy HMM
South Korean shipping line HMM has placed a KRW 4 trillion (US $2.814 billion) newbuilding order for vessels that will significantly expand its fleet portfolio. The order includes a dozen 13,000 TEU containerships and two Very Large Crude Carriers (VLCCs).
The 13,000 TEU container vessels will all be LNG dual-fuelled ships, with construction split between HD Hyundai Heavy and Hanhwa Ocean. The company said the choice of LNG propulsion reflects the industry’s response to strengthening decarbonization regulations from the International Maritime Organization and European Union.
The announcement from HMM came Friday as IMO member nations voted to delay the adoption of the IMO’s Net-Zero Framework.
“As decarbonization regulations from the IMO and EU continue to strengthen, LNG is viewed as one of the most readily deployable lower-emission fuels,” according to the announcement. Clarksons Research data shows that alternative fuel vessels made up nearly 50% of all newbuildings ordered last year, with over 70% powered by LNG.
The newbuildings will join HMM’s existing portfolio of alternative-fuel vessels, which already includes methanol-powered containerships and LNG-powered vessels. The two VLCCs will help diversify and strengthen the company’s bulk fleet portfolio.
The investment aligns with HMM’s 2030 mid-to-long-term strategy to secure a more flexible and future-ready fleet amid global market and regulatory shifts.
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