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South Korea's HMM Charts a Bold Course: Expanding into Bulk Shipping Amidst Container Sector Challenges and Ownership Uncertainty
By Sea and Coast | 05/11/2023
South Korea's HMM is forging ahead with a strategic plan, originally unveiled in 2022, to expand and diversify its operations despite the prevailing negative outlook for the container shipping sector, a trend anticipated to persist into 2024 and possibly beyond. Distinguishing itself from many competitors, HMM is aggressively venturing into bulk shipping, a move widely seen as a strategic shield against the container market's ongoing weaknesses.
 
Previously, HMM's precursor, Hyundai Merchant Marine, had a significant presence in the bulk carrier segment, with around 40% of its operations dedicated to this sector in 2010. However, financial troubles mid-decade prompted the company to divest its bulker operations and LNG carrier businesses to enhance liquidity as part of a broader recapitalization effort, which included government bailout support from the Korean Development Bank and Korean Ocean Corporation. Although the company retained its liquid bulk operations involving large crude oil tankers, it refrained from handling commodities such as iron ore, coal, and LNG to avoid competing with the operations it had sold.
 
In a stock exchange filing on October 27, HMM announced a substantial new deal for bulk carriers: a long-term contract for four vessels spanning 16 years from September 2026 to the end of 2042, valued at approximately $954 million according to current exchange rates. The customer, who remains undisclosed, retains the option to extend the contract by five years and select a vessel acquisition timeline of 10 or 15 years from the contract's commencement.
 
In July 2022, HMM unveiled a five-year strategic plan that included the expansion of its bulk fleet. At that time, the company reported a fleet of 29 bulkers and set an ambitious target of 55 ships, signifying a planned 90% increase in capacity by 2026. While substantial attention has been directed towards the growth of container shipping, symbolized by HMM's $1.1 billion order for nine methanol-fueled containerships in February 2023, the Korean Economic Daily has disclosed that HMM has discreetly incorporated six bulk carriers into its fleet this year. The report further highlights HMM's intention to introduce 11 more bulk carriers in the upcoming year to achieve its 55-ship objective.
 
As part of its diversification strategy, HMM has also ordered three vehicle carriers to be constructed in China, marking its return to this sector after selling its PCTCs in 2002. Additionally, in August, the company revealed that it had commissioned four new multi-purpose heavy-lift ships to be built in China.
 
HMM is steadfastly implementing its strategic vision, even as uncertainty clouds its future ownership. State-run financial institutions recently converted significant portions of their bonds and warrants into stock as part of the plan to sell a controlling interest in HMM. While the original timeline for the bidding process aimed to select a preferred bidder in November, bank executives emphasise the need for a buyer with the financial robustness to support HMM's growth, leaving open the possibility of holding their investment until the container market rebounds.
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ABOUT BRENT McEWEN
Brent McEwen continues to be a newbie hunt for your Noblemen due to the fact 04. Prior to be able to signing up for the actual Leaders, McEwen loved the diverse track record to be a gm, instructor in addition to tutor.

From 1997-2004, McEwen helped your Saskatoon Mower blades with the American Dance shoes League, in which he organised this subject connected with general manager, hockey as well as company procedures. He also ended up being mixed up in the Category exactly where they ended up being chairman from the workforce companies board; affiliated with the officiating and schooling committees; as well as different governor.

Prior to help joining this Mower blades, McEwen used 4 years within The european countries. For a single year this individual had been the national staff go coach for your Norwegian Ice Baseball Federation. Within 1995-96, this individual seemed to be the actual top mentor for Rogle BK from the Remedial Top notch League, along with before he provided for just two months because the brain mentor intended for Vita Hasten of the Remedial Department Just one little league.

Before enrolling in your expert rates, McEwen pertaining to Decade did wonders for the College or university of Saskatchewan where by their duties integrated instruction the College Tennis System; Growth and Management of the particular Baseball School; as well as educating.

A own associated with Whitewood, Saskatchewan, McEwen, Fifty four, graduated from your School connected with Saskatchewan with 1983. He with his fantastic better half, Ellen, have a couple of children: a new child, Duncan, and also a girl, Kirsten. They are now living in Saskatoon, Saskatchewan.