HMM maps out a mid-to-long-term strategy to expand its business portfolio for future growth and proceed with global green initiatives.
Under the sustainable growth plan, the South Korean ocean carrier will invest a total of US$170 million by 2030, with US$93 million focussing on the container business, US$40 million on the bulk business, US$30 million on the integrated logistics business and US$7 million on the competitiveness enhancement.
HMM said it will enhance its capacity to deal with global environmental regulations, while it aims to achieve Net Zero carbon emissions by the target year 2045. HMM announced it will allocate US$110 million over 60% of the total investment to sustainable management initiatives, including low-carbon ships and green facilities.
Container transportation business
HMM plans to secure an operational fleet of 1.55 million TEUs (130 vessels) to prepare for the reorganization of global shipping alliances and strengthen its competitiveness. Considering the increasing fleet size, HMM will also invest US$13 million in container boxes to enhance operational efficiency.
To meet the market’s demand for eco-friendly transportation, HMM aims to acquire around 70 green vessels by 2030 and establish a carbon-neutral ecosystem across all transportation segments by 2045.
Bulk transportation business
HMM plans to extend its bulk carrier fleet to 110 vessels (12.56 million DWT) from the current 36 ships. The company also intends to diversify its business by establishing a presence in the eco-friendly energy transportation sector and gaining a significant market share at an early stage.
Integrated logistics business
HMM plans to enhance its shipping and logistics infrastructure. To improve customer service, the South Korean firm will extend terminals and acquire additional port terminals for important bases to accommodate the growing capacity. Furthermore, the company aims to expand its Off Dock Container Yard (ODCY) business and integrated logistics business to provide end-to-end services.
Competitiveness enhancement
HMM is actively moving toward Net Zero 2045 to strengthen its response to environmental regulations and achieve carbon neutrality. To reach this goal, HMM will make investments on retrofitting ship engines, securing a supply chain for green fuels, and improving operational stability and efficiency through digitalization.
Moreover, the carrier plans to develop new sustainable businesses and strengthen the organization and human resources that will execute the 2030 mid-to-long-term strategy.
Kim Kyung Bae, HMM President and CEO, commented, “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.”