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South Korea’s leading shipping company, HMM, has announced a comprehensive strategy to transform itself into a global “green” shipping and logistics provider, with plans to invest 23.5 trillion Korean won (approximately $17.4 billion USD) by 2030.
The investment will be distributed across four key areas: container business ($9.4 billion USD), bulk business ($4.14 billion USD), integrated logistics business ($3.11 billion USD), and competitive enhancements ($740 million USD). Notably, over 60% of the total investment, amounting to $10.66 billion USD, will be allocated to sustainable management initiatives, including low-carbon ships and green facilities.
HMM’s ambitious plan includes expanding its container fleet to 1.55 million TEU (Twenty-foot Equivalent Units) across 130 vessels, up from 83 currently, with a focus on acquiring around 70 green vessels by 2030. The company also aims to grow its bulk transportation fleet from 36 to 110 vessels, diversifying into eco-friendly energy transportation.
In line with global environmental goals, HMM is considering accelerating its target to achieve Net Zero carbon emissions by 2045. To reach this goal, HMM will spend $740 million USD on retrofitting ship engines, securing a supply chain for green fuels, and improving operational efficiency through digitalization.
“By strengthening partnerships founded on trust, we are enhancing the quality of service we deliver to our customers. We remain committed to developing a resilient business portfolio and positioning ourselves as a global leader in eco-friendly shipping for the future,” said Kim Kyung Bae, HMM President & CEO.
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