South Korean shipping company HMM has announced the launch of a large-scale investment program to modernize its fleet. According to a company filing, the company plans to build 12 container ships with a capacity of 13,000 TEU each and two VLCC oil tankers. The project has already been approved by all four members of HMM’s board of directors.
The investment, approximately $2.82 billion, will represent 14.08% of the company’s total capital, which reached KRW 28,604.8 billion ($20.25 billion) as of the reporting date. The program is scheduled to run until 2029, but the timeframe is subject to change depending on the ship delivery schedule.
HMM emphasizes that the fleet modernization will improve the efficiency and environmental friendliness of shipping operations, as well as strengthen the company’s competitive position in the global container and tanker shipping market.