After unsuccessful attempts at privatization, HMM has revealed ambitious goals for 2030, aiming to expand its fleet in both container and dry bulk shipping sectors while also investing in terminals.
The South Korean shipping major is looking to strengthen its competitiveness and build a resilient global logistics model amidst uncertainties in the maritime industry. CEO Kim Kyung-bae announced plans to increase the container shipping fleet capacity from 920,000 TEU to 1.5 million TEU by 2030, in addition to expanding market presence and diversifying trade routes.
HMM’s expansion aligns with efforts to strengthen core business in response to global shipping alliance reshuffling. The company is a member of THE Alliance, whose carriers plan to focus on fleet building following Hapag-Lloyd’s departure to join Maersk in the Gemini Cooperation.
In the bulk shipping segment, HMM aims to double its fleet size from 6.3 million DWT to 12.28 million DWT by 2030 as part of a diversification strategy. The company also plans to acquire new terminals to complement its growing service network and comply with evolving environmental standards, with a revision of its decarbonization plan targeting 2045 instead of 2050.
Following failed privatization efforts, HMM remains majority-owned by the state-run Korea Development Bank after negotiations with Harim Group fell through. The company’s growth strategy reflects its commitment to expanding and adapting to changing market conditions.
