HMM and its owners had been in talks with Harim Group around a possible acquisition. Credit: HMM

South Korean shipping operator HMM will double its fleet to 240 vessels by the end of the decade, it has revealed in its mid-to-long-term strategy published shortly after a sale of the company fell through. 

The 2030 strategy will see HMM attempt to increase its market share with the significant expansion, which will take its container business capacity from 920,000 TEU to 1.5 million TEU, and its bulk business from 6.3 million DWT to 12.28 million DWT. 

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A statement explained: “We plan to build a stable portfolio by expanding the bulk and integrated logistics business, focusing on the container business. 

“We will do our best to improve customer service and move forward as Korea’s representative general logistics company that meets the global level. 

In addition to the fleet expansion, HMM said it would also pursue diversification of its portfolio through terminal acquisitions and the bolstering of its logistics infrastructure. 

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The company also revealed that it was assessing the viability of moving forward its net zero ambitions from the current target of 2050 to 2045, with the strategy including orders for more sustainable vessels and the securing of a low-emission fuel supply network. 

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Currently majority owned by Korea Development Bank and Korea Ocean Business, HMM had been in negotiations with Harim Group over a possible $4.9bn acquisition in December 2023 but talks fell through. 

In a statement released after the collapse of negotiations, Harim blamed their failure on disagreements about the gaining of management rights for the company. 

HMM said that it will now focus on delivering the initial plans outlined in its 2030 strategy, which will also include investment into digitalisation and the expansion of its service network, before revealing further details later this year.