Cash rich HMM plans to grow its box fleet by 50% while the bulk fleet will also be expanded to just about the double its size. The expansion plans are set to materialise through 2026. The KRW15trn ($11.45bn) outlay over the coming four years, detailed today, will grow HMM’s boxship fleet from today’s 820,000 slots to 1.2m, while its bulk fleet is set to grow from 29 vessels to 55. Other acquisitions will include terminals and logistics facilities.
Kyung Bae Kim, HMM president and CEO, said: “Our strategy is to ensure perpetual growth of HMM under the new vision – a global leading company generating sustainable value for the world.”
Having skirted with bankruptcy six years ago, HMM has become cash-rich like all global liners during container shipping’s epic bull run through the pandemic. Its most recently published results from Q1 set a new record for the 45-year-old company with a $2.4bn net profit.
