The South Korean government will financially support Hyundai Merchant Marine’s new fleet expansion plan. After placing orders for 24,000 TEU vessels in 2018, the company is set to return to the newbuilding market with the aim of having a total capacity of 1.1 million TEUs by 2025.
The initiative is part of the investment plan that Seoul has put in place to ensure adequate competitive development for companies flying its flag.
HMM is currently ranked as the eighth largest shipping line in the world. With the arrival of its latest six 16,000 TEU vessels on order at the end of the year, the liner will have a total capacity of 845,000 TEUs.
According to Yonhap News Agency, the local Ministry of Oceans and Fisheries is ready to financially support the construction of ten new container ships with a capacity between 10,000 and 13,000 TEUs, to be commissioned by June.
Translation by Giles Foster