HMM to spend $17.5 bn by 2030 to double cargo capacity

HMM Co., South Korea’s largest ocean carrier, has unveiled a bold plan to invest 23.5 trillion won ($17.5 billion) by 2030. The company aims to significantly expand its cargo capacity and broaden its logistics services to establish itself as a leading global logistics provider. The expansion plan, announced by CEO Kim Kyung-bae, focuses on increasing the company’s load capacity from the current 920,000 TEUs (twenty-foot equivalent units) to 1.55 million TEUs by 2030.

In addition to expanding its container shipping operations, HMM plans to enhance its bulk cargo services. The company intends to increase the load capacity of its bulk ships from 6.34 million DWT (deadweight tonnage) to 12.56 million DWT by 2030. This will involve expanding its fleet from the current 36 bulk carriers to 110 units, reflecting the company’s commitment to strengthening its presence in both container and bulk cargo sectors.

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HMM is also setting ambitious financial targets, aiming to achieve 15 trillion won in revenue by 2030, along with assets totaling 43.2 trillion won. These targets represent substantial growth from the company’s 2023 figures, with a projected increase of 82.9% in revenue and 68% in total assets. This strategic plan positions HMM to play a more prominent role in the global logistics industry while reinforcing its leadership in South Korea.