HMM rolls out cash spending vision with $11.5 billion investment plan

July 24, 2022 GENERAL

HMM will expand its service network with an eco-friendly container fleet of 1.2 million TEU by 2026.

HMM also plans to secure logistics infrastructure such as terminals in key locations to reinforce its profit structure.

Moreover, the bulk fleet will be cemented with a fleet of 55 ships, substantially increased by 90 per cent from the current 29 ships.

HMM will plough its funding into a range of initiatives, including securing core assets such as ships, terminals, and logistics facilities throughout the upcoming five years from 2022 to 2026.

The firm will continue to enhance environmentally-friendly services for carbon neutrality in 2050 and explore the likelihood of ordering ships using alternative fuels in the future. HMM will also make enterprise-wide R&D efforts into the use of carbon-neutral fuels in cooperation with industrial players, the company said in its announcement.

On digitalisation, HMM recently launched ‘Hi Quote’, an online sales platform based on its own technological capabilities. HMM plans to integrate its inland logistics network into Hi Quote and apply freight rate solutions powered by Artificial Intelligence at a later date.

Kim Kyung Bae, HMM President & 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.

“We will continue to drive efforts for contribution to the global community.”

HMM recorded its best-ever quarterly profits in Q1 2022 owing to higher freight rates.

The company posted a growth in revenue by 103 per cent to KRW 4.9 trillion ($3.8 billion) in Q1 2022.

Source: https://www.porttechnology.org/news/hmm-rolls-out-cash-spending-vision-with-11-5-billion-investment-plan/