South Korea‘s largest container shipping line HMM Co. plans to double its ship operations by 2030, in a move to secure competitiveness by enhancing its maritime freight transportation capacity.

HMM announced on Monday that it is drawing up a mid-to long-term strategy to secure a stable business foundation by expanding its fleet by 2030.

Under the strategy, HMM plans to increase its container capacity from 920,000 twenty-foot equivalent units (TEUs) in 2024 to 1.5 million TEUs by 2030.

Following the withdrawal of Hapag-Lloyd AG, the world’s fifth-largest shipping company, from THE Alliance, HMM saw the need to enhance its competitiveness through increased vessel capacity and market share, according to sources.

HMM is a member of THE Alliance.

Furthermore, the company aims to expand its bulk fleet of 6.3 million deadweight tonnage (DWT) of 36 vessels to 12.28 million DWT of 110 vessels by 2030.

The strategy aims to stabilize profits by expanding the bulk fleet, which has a large proportion of long-term transportation, to balance with the container business that is exposed to the global economy.

By Choi Hyun-jae and Yoon Yeon-hae

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]