HMM to Invest 2.1678 Trillion Won to Secure 12 Container Ships

Orders Eight 13,000-TEU Vessels
Invests 29 Trillion Won by End of 2030
Expands Container Fleet to 166 Vessels

HMM will invest a total of 2.1678 trillion won to secure 12 container ships. By combining newbuild orders with the purchase of vessels under construction, the company aims to strengthen its fleet competitiveness and advance its medium- to long-term fleet expansion plan.

HMM disclosed on October 15 that it had decided to invest 2.1678 trillion won in newbuild orders for container ships and the purchase of resale vessels. The investment amounts to 8.16% of its equity, based on its consolidated financial statements at the end of the most recent fiscal year.

HMM will place new orders for eight 13,000-TEU container ships (one TEU is equivalent to one 20-foot container). It also plans to secure four small- and medium-sized container ships through resale: three 2,800-TEU vessels and one 1,700-TEU vessel. Resale refers to purchasing a vessel under construction at a shipyard before it is delivered.

The investment amount was calculated by applying an exchange rate of 1,340.5 won per dollar, the initially announced rate on the day before the board resolution, to the total vessel price of $1.617156 billion.

The investment is part of HMM's medium- to long-term fleet expansion plan. HMM plans to invest a total of 29 trillion won by the end of 2030 to expand its container fleet to 166 vessels with a capacity of 1.47 million TEU. As of the first half of this year, its container fleet comprised 97 vessels with a capacity of 1.02 million TEU.

HMM said, "This decision was made to strengthen fleet competitiveness through investment in container ships."

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