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Home News HMM to agree with South Korea’s Big Three yards for a dozen...

HMM to agree with South Korea’s Big Three yards for a dozen new Panamax vessels

South Korean liner operator, HMM will split orders for twelve 13,000TEU new container vessels among the country’s three largest shipbuilders, according to reports.

HMM has reportedly signed letters of intent with Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries, according to local media. The orders are expected to be finalised at the end of June.

The newbuildings are estimated to cost US$125 million each, working out to a total of US$1.5 billion. Additionally, vessel deliveries are expected to be from late 2023 to 2024, while HMM is working on the construction details with the shipyards.

When Container News asked HMM about the latest reports, a company spokesperson said, "Concerning containership newbuilding orders, we have been under discussions with domestic shipyards, but no specific decisions have been made yet, and we can’t confirm further at the moment."

Once the delivery of the new ships is completed, HMM's fleet will reach 1.12 million TEU, achieving cost competitiveness on Transpacific routes in view of the current tight shipping capacity.

Martina Li
Asia Correspondent

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