HMM has partnered with B International Shipping & Logistics, a BGN Group company, to launch a new joint venture called HMMB INT Shipping Pte. Ltd in Singapore. The JV will expand both companies’ liquefied petroleum gas (LPG) transport operations.
The companies signed the agreement on November 5 at HMM’s Seoul headquarters, confirming their commitment to close cooperation. Each partner holds a 50% stake in the new venture. Backed by BGN Int DMCC’s global energy trading strength, the JV aims to ensure long-term operational stability.
HMMB INT Shipping will operate two Very Large Gas Carriers (VLGCs), each with a capacity of 88,000 CBM. The vessels will serve a 10-year contract, with an option to extend for five more years. HD Hyundai Heavy Industries is building both VLGCs for delivery in the first half of 2027.
BGN Group is a major global LPG trader, handling about 14 million tons per year and operating a fleet of more than 40 LPG vessels.
HMM exited the LPG sector in 2016 but is now rebuilding its bulk division under its 2030 strategy. The carrier plans to grow its LPG and ammonia fleet to 20 vessels by 2030. After acquiring three mid-sized LPG carriers this year, the JV represents another major step in expanding its presence in green energy shipping.
“This joint venture is a strategic move to meet rising gas-transport demand and create new opportunities in low-carbon, sustainable energy logistics,” an HMM official said.
Ozan Turgut, Director of Shipping at B-Shipping, added: “We are pleased to partner with HMM. We share a common vision to decarbonize shipping. These new vessels strengthen our LPG business, expand our global reach, and support the energy transition.”
