The board of directors of South Korean shipping company HMM has approved a “new facility investment” of nearly KRW4.03 trillion (US$2.8 billion) for the construction of new container vessels and very large crude carriers (VLCCs).
The amount will be invested between October 16, 2025, when the HMM board approved the decision, and April 30, 2029, which the company expects is the date when the deliveries will be completed.
HMM clarified that the final delivery date may still change depending on construction schedules at the selected shipyards.
The amount will cover the construction of twelve 13,000TEU containerships and two VLCCs. Local shipbuilders Hanwha Ocean and HD Hyundai Heavy Industries will construct the containerships, which will also have LNG dual-fuel propulsion systems.
Details on the yard selected for the construction of the two VLCCs have not been disclosed.
The investment in the new ships will help, "strengthen fleet competitiveness," HMM said in a regulatory filing.
