HMM

HMM Company Limited, commonly known as HMM and formerly Hyundai Merchant Marine, is a South Korean ocean transportation and logistics company headquartered in Seoul. The business began on March 25, 1976, as Asia Merchant Marine with an initial focus on tanker and bulk transportation. It later adopted the Hyundai Merchant Marine name and developed into one of South Korea’s principal national carriers. In 2020, the company formally rebranded as HMM, reflecting a broader identity beyond its Hyundai-era corporate name. HMM’s principal activity is the movement of cargo by sea. Its container business serves major east-west and north-south trade lanes and transports general cargo, refrigerated cargo, oversized cargo and dangerous goods. The company also operates bulk liner and tramper services, crude-oil and product tankers, LNG and LPG carriers, heavy-lift and project cargo operations, port terminals, intermodal transportation and logistics-related services. Its corporate articles also identify shipping brokerage, ship chartering, ship management, warehousing, marine terminal operations and other transportation activities as part of its permissible business scope. The company’s international expansion was built through a combination of new routes, overseas subsidiaries, terminal investments, vessel acquisitions, alliances and long-term chartering arrangements. It established a significant presence in Asia, North America and Europe, later extending its network to the Middle East, Latin America, Africa and Oceania. HMM states that its global network reaches more than 110 countries. Its office structure has included international headquarters, subsidiaries, branches, overseas offices and liaison offices supporting commercial, operational and customer-service functions. HMM became especially prominent in the Korean container market after the 2016 collapse and liquidation of Hanjin Shipping. The event reshaped South Korea’s liner-shipping sector and left HMM as the country’s leading Korean-controlled container carrier by national market importance. The company subsequently pursued a fleet-renewal and scale strategy, ordering and receiving ultra-large container vessels. In 2020 it took delivery of HMM Algeciras, a 23,964-TEU vessel that was the world’s largest container ship by capacity at the time of its launch. HMM also introduced other large ships in the 24,000-TEU class and expanded its 16,000-TEU and 13,000-TEU fleets. HMM has participated in successive vessel-sharing and service-cooperation arrangements. It joined the G6 Alliance in 2011, later participated in the 2M+H cooperation with Maersk and MSC, and became a full member of THE Alliance in 2019 alongside Hapag-Lloyd, Ocean Network Express and Yang Ming. From March 2025, the relevant cooperation framework was reorganized as the Premier Alliance, with HMM, Ocean Network Express and Yang Ming continuing the arrangement after Hapag-Lloyd’s departure. The company has also repositioned itself as a sustainability-oriented shipping and logistics provider. Its programs include low-emission ship deployment, methanol- and LNG-fueled vessel orders, energy-efficiency measures, digital logistics tools, alternative-fuel research and a stated 2045 net-zero objective. HMM ordered nine 9,000-TEU methanol-fueled container ships and later introduced Korea’s first methanol-powered container ships. It has also ordered LNG-powered vessels and resumed LPG and ammonia transportation activities in 2025 through the acquisition of an MGC vessel. HMM remains a publicly listed company. Its 2024 results, released in 2025, showed revenue of approximately KRW 11.7 trillion, operating profit of approximately KRW 3.5 trillion and net profit of approximately KRW 3.8 trillion. These figures reflected stronger freight markets, network optimization, fleet expansion and disruption in Red Sea shipping routes, while the company continued to identify overcapacity, trade-policy changes and geopolitical uncertainty…

HMM traces its origins to March 25, 1976, when Asia Merchant Marine was established in South Korea with capital of KRW 200 million. The company began with tanker and bulk activities, including three very large crude carriers and a consecutive-voyage charter contract connected with the Korea National Oil Corporation. Its first liner activity linked the Far East with the Middle East, while its early bulk operations transported construction materials and industrial cargo for projects in the region. During the late 1970s and 1980s, the company broadened its maritime portfolio. It introduced container services between the Far East and the Middle East, began pure car-carrier operations, acquired Hyundai No. 1 as Korea’s first car carrier, and expanded into routes connecting Korea with Australia, Canada and the United States. In 1983 the company adopted the Hyundai Merchant Marine name and established a dedicated Container Operations Division. It subsequently merged with or consolidated several Korean shipping businesses under the government’s shipping-business rationalization program. The 1980s also saw the acquisition and construction of large ore and coal carriers, including Hyundai Giant, and the development of full-container services on U.S. routes. In the 1990s, Hyundai Merchant Marine pursued international scale and technological modernization. It acquired large container ships, entered LNG transportation and formed international operating relationships with companies such as Sea-Land Service, APL and MOL. The company secured or leased terminal facilities in Busan, Gwangyang, Kaohsiung, Tacoma and other strategic ports. It became the first Korean carrier authorized to operate LNG carriers and commissioned Korea’s first LNG carrier, Hyundai Utopia, in 1994. In 1993 it simultaneously obtained the ISM Code and ISO 9002 certifications, while in 1996 it became the first global shipping company to obtain ISO 14001 certification according to the company’s history. The period also included early investments in satellite communications, fleet-management systems, inland depots and intermodal connections. Hyundai Merchant Marine completed its initial public offering in 1995. In 1998 it launched The New World Alliance with APL and MOL, then described as the largest global shipping alliance. It also opened or acquired important terminal assets, including the Hyundai Busan Container Terminal, and entered cruise-related activities through vessels associated with the Mount Kumgang tourism business. These initiatives reflected a strategy of combining ocean transportation with terminal, inland and passenger-related operations. The 2000s were marked by continued internationalization, information-technology adoption and portfolio restructuring. The company introduced the HMM21 management vision, established online customer and fuel-procurement systems, expanded its Asian and overseas subsidiary network, and deployed increasingly large container ships. It sold its car-carrier division, which became EUKOR Car Carriers, concentrating more heavily on container, bulk and tanker activities. The company also began a slot-exchange arrangement with Hanjin Shipping on a U.S. east-coast route and introduced digital tools for maritime booking, operations and customer service. In the 2010s, HMM expanded terminal ownership and alliance participation while responding to a difficult global shipping market. It joined the G6 Alliance in 2011 and established Hyundai Ocean Service as a specialized ship-management company in 2012. The company developed terminal interests in Korea, Spain, Taiwan and the United States, including participation in the Busan New Port project and investment in Total Terminals International in Long Beach. It also pursued digital and environmental initiatives, including blockchain and Internet-of-Things trials for reefer monitoring, eco-friendly ship certification and a cloud-based next-generation platform. A major structural change occurred in 2016, when HMM separated from the Hyundai Group. The same year, Hanjin Shipping entered bankruptcy and was later liquidated, reshaping the Korean liner market. HMM emerged as South Korea’s principal national container carrier and intensified its efforts to restore competitiveness through fleet investment, terminal access and service-network development. In 2017 it acquired the Kaohsiung Terminal, participated in the 2M+H cooperation with Maersk and MSC, and acquired an interest in Total Terminals International. In 2018 it launched an independent Asia–North Europe service, expanded ultra-freezer refrigerated-cargo capabilities and ordered twenty mega container ships. In 2019 HMM adopted a new corporate identity, became a full member of THE Alliance and merged Hyundai Ocean Service with Haeyoung Shipping. The company also published its first sustainability report and received recognition as an environmentally friendly carrier from the Port of Oakland. The same year, the Golden Ray, operated by an HMM-related subsidiary, capsized in the United States. Authorities required improvements to stability calculations, auditing and safety-management procedures, making the incident an important operational and regulatory episode in HMM’s history. In March 2020, the board approved the change from Hyundai Merchant Marine to HMM Company Limited. The rebranding was accompanied by a major fleet-renewal program. HMM took delivery of twelve 24,000-TEU-class ships, including HMM Algeciras, which entered service as the largest container ship by capacity at the time. HMM Algeciras later set a company-reported record for the largest single-vessel cargo loading volume. The company also established a terminal in Singapore and continued expanding large vessels in the 16,000-TEU and 13,000-TEU classes. From 2021 onward, HMM focused on carbon reduction, network scale and business diversification. It announced a carbon-neutrality strategy, secured eight 16,000-TEU ships, ordered twelve 13,000-TEU ships and launched the Hi-Quote online booking platform. In 2022 it announced a plan to invest KRW 15 trillion by 2026 and appointed former Hyundai Glovis chief Kim Kyung-bae as CEO. In 2023 HMM joined the United Nations Global Compact, ordered nine methanol-fueled 9,000-TEU ships, ordered seven pure car and truck carriers and signed what it described as Korea’s first Green Sailing Service contract. In 2024 HMM announced a mid- to long-term strategy targeting 1.55 million TEU of container capacity by 2030, introduced Korea’s first LNG-powered container ships and declared a 2045 net-zero goal. It also announced a KRW 23.5 trillion sustainable-growth investment plan covering container shipping, bulk shipping, integrated logistics and competitiveness enhancement. A proposed sale of the government-backed controlling stake to a Harim Group and JKL Partners consortium was selected for preferred-bidder negotiations in late 2023, but discussions ended without agreement in February 2024. In 2025 HMM introduced Korea’s first methanol-powered container ships, re-entered the pure car and truck carrier market, ordered LNG-powered container ships and surpassed one million TEU of container fleet capacity according to its corporate history. The company also resumed LPG and ammonia transportation through acquisition of an MGC vessel. Choi Won-hyok became CEO and board chair in March 2025. By 2026, HMM continued expanding feeder capacity, port infrastructure, alternative-fuel shipping, African services and its broader integrated-logistics network.

1. 2025HMM introduces methanol-powered ships and resumes LPG/ammonia transportation

   HMM introduced Korea’s first methanol-powered container ships, ordered LNG-powered vessels and resumed LPG and ammonia transportation through an MGC vessel acquisition.

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2. 2024HMM announces 2030 expansion and 2045 net-zero objectives

   HMM announced a target of 1.55 million TEU capacity by 2030, a KRW 23.5 trillion sustainable-growth investment program and a 2045 net-zero goal.

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3. 2023HMM orders alternative-fuel vessels

   HMM ordered nine methanol-fueled container ships, seven pure car and truck carriers and signed a Green Sailing Service contract.

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4. 2022HMM announces KRW 15 trillion investment plan

   The company announced a mid- to long-term plan to invest KRW 15 trillion by 2026 and launched the Hi-Quote digital booking platform.

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5. 2021HMM announces carbon-neutrality strategy

   HMM announced a carbon-neutrality strategy and continued ordering large, newer-generation container vessels.

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6. 2020Hyundai Merchant Marine is renamed HMM

   The company formally adopted HMM Company Limited as its corporate name.

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7. 2020HMM Algeciras enters service

   The 23,964-TEU HMM Algeciras entered service as the largest container ship by capacity at the time of launch.

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8. 2019HMM joins THE Alliance as a full member

   The company became a full member of THE Alliance and adopted a new corporate identity.

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9. 2018Mega-ship fleet program accelerates

   HMM ordered twenty mega container ships, including vessels in the 24,000-TEU and 16,000-TEU classes.

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10. 2017HMM expands terminals and digital operations

    HMM acquired the Kaohsiung Terminal, joined 2M+H cooperation, acquired a stake in Total Terminals International and piloted blockchain and IoT technologies.

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11. 2016HMM separates from the Hyundai Group

    The company became structurally separate from the Hyundai Group during a major Korean shipping-sector restructuring.

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12. 2011HMM joins the G6 Alliance

    The company entered the G6 Alliance, expanding coordinated vessel and service coverage.

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13. 1998The New World Alliance is launched

    HMM formed The New World Alliance with APL and MOL to coordinate global container services.

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14. 1995HMM completes its initial public offering

    Hyundai Merchant Marine completed its IPO and became listed on the Korea Exchange.

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15. 1994Korea’s first LNG carrier is commissioned

    Hyundai Utopia entered service as Korea’s first LNG carrier, reinforcing the company’s role in energy transportation.

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16. 1983Company becomes Hyundai Merchant Marine

    The company changed its name to Hyundai Merchant Marine and established a dedicated container operations division.

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17. 1976Asia Merchant Marine is established

    Asia Merchant Marine was founded on March 25, beginning operations with tanker and bulk transportation activities.

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A Korean national container carrier and diversified global maritime-logistics operator combining large-scale liner shipping with bulk, tanker, terminal, intermodal and sustainability-focused services.

• Container shippingOcean transportation1976

  HMM’s core business is scheduled container transportation across major global trade lanes. Services cover general cargo, refrigerated cargo, oversized cargo and dangerous goods, supported by large container vessels, feeder operations, terminals and inland connections. The company serves east-west and regional routes linking Asia with Europe, North America, Latin America, the Middle East, Africa and Oceania.

• Reefer cargoSpecialized container transportation2018

  HMM transports temperature-sensitive cargo using refrigerated containers and specialized services. Its reefer offering supports food, pharmaceuticals and other commodities requiring controlled conditions. The company has also developed ultra-freezer refrigerated cargo capabilities and digital monitoring tools intended to improve cargo visibility and handling reliability.

• Bulk liner and tramper servicesBulk shipping1977

  HMM operates bulk services for industrial and general cargo using vessels ranging from Handy-size to Supramax classes. Its routes connect the Far East with the Americas, Europe, the Middle East and Southeast Asia. Bulk activities support the movement of construction materials, minerals, agricultural products and other non-containerized cargo.

• Tanker transportationEnergy shipping1976

  The tanker business includes crude-oil carriers, petroleum-product vessels, LNG carriers and LPG or ammonia carriers. HMM uses a mix of owned, chartered and long-term contracted tonnage to transport energy commodities between producing regions and markets in Asia, Europe, North America and other destinations.

• Heavy-lift and project logisticsProject cargo

  HMM provides maritime transportation for oversized, heavy or complex project cargo. These services are designed for industrial equipment, infrastructure components, modules and other shipments that require specialized planning, lifting, stowage and routing rather than standard container handling.

• Terminal and intermodal logisticsPort and inland logistics1993

  HMM extends its ocean services through terminal operations, inland transportation, warehousing and logistics facilities. Terminal interests and intermodal connections provide greater control over cargo transfer points and support the movement of shipments between seaports, rail networks, depots and final destinations.

• Low-carbon shipping servicesSustainable maritime transportation2023

  HMM’s low-carbon portfolio includes methanol-powered and LNG-powered container ships, energy-efficiency measures, scrubber-equipped tankers, green-facility investment and Green Sailing Service initiatives. These offerings are part of the company’s broader response to maritime emissions regulation and its stated 2045 net-zero ambition.

• 20242045 Net-Zero strategy

  Global

  HMM framed fleet renewal, alternative fuels, green facilities, digitalization and operational efficiency as components of a long-term transition toward net-zero emissions by 2045.

  Outcome. The strategy established decarbonization as a central element of HMM’s 2030 investment and competitiveness agenda.

  Source
• 2023Green Sailing Service

  South Korea · International

  HMM signed a Green Sailing Service contract intended to provide customers with a lower-emission shipping option and support the development of more sustainable maritime logistics.

  Outcome. The contract was presented as Korea’s first Green Sailing Service agreement, but the available source does not disclose customer-level results.

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• 2010HMM SMART

  South Korea · International

  HMM launched HMM SMART, described in its corporate history as the first mobile website introduced by a Korean shipping company.

  Outcome. The initiative expanded HMM’s digital customer and operational interface, although the source does not quantify its commercial impact.

  Source
• 1989FA-2000

  South Korea

  HMM’s corporate history identifies FA-2000 as a campaign launched during the company’s expansion of international liner services in the late 1980s.

  Outcome. The available source records the campaign launch but does not provide detailed performance or brand-outcome information.

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• 2025Expansion into methanol, LNG and LPG/ammonia vessel generationsGeneration change

  HMM sought to lower emissions and diversify its fleet beyond conventional container shipping.

  What changed. HMM introduced methanol-powered container ships, ordered LNG-powered container ships and resumed LPG and ammonia transportation through acquisition of an MGC vessel.

  Aftermath. The measures expanded HMM’s alternative-fuel and energy-shipping capabilities while supporting its broader 2045 net-zero and 2030 growth programs.

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• 2024KRW 23.5 trillion sustainable-growth investment planStrategy

  HMM aimed to combine growth in container shipping with diversification, integrated logistics and faster adaptation to environmental requirements.

  What changed. HMM announced planned investment of KRW 23.5 trillion through 2030, allocated across container, bulk, integrated logistics and competitiveness-enhancement activities.

  Aftermath. The plan made fleet expansion, port and logistics infrastructure, alternative fuels, digitalization and a 2045 net-zero objective central to the company’s long-term strategy.

  Planned investment. KRW 23.5 trillion planned through 2030 (Announced September 2024; target through 2030)

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• 2024Termination of Harim-led acquisition negotiationsM&A

  State-backed shareholders sought to sell a controlling stake in HMM through a competitive process and selected a Harim Group and JKL Partners consortium as preferred bidder.

  What changed. Negotiations were concluded without agreement on certain commercial and control-related conditions.

  Aftermath. The proposed acquisition did not close, leaving HMM as a publicly listed company under its existing ownership structure.

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• 2023Methanol-fueled container-ship programProduct launch

  Shipping companies were responding to decarbonization pressure, alternative-fuel development and future emissions regulation.

  What changed. HMM placed an order for nine 9,000-TEU methanol-fueled container ships.

  Aftermath. The vessels formed the basis of HMM’s next-generation lower-emission container fleet and were introduced as Korea’s first methanol-powered container ships in 2025.

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• 2022Investment plan through 2026Strategy

  HMM was rebuilding scale and financial resilience after a difficult period in the container-shipping market.

  What changed. The company announced a plan to invest KRW 15 trillion by 2026 across fleet, logistics and competitiveness initiatives.

  Aftermath. The plan supported subsequent vessel orders, digital-service development and expansion of the company’s logistics and sustainability capabilities.

  Planned investment. KRW 15 trillion planned through 2026 (Announced in 2022; target through 2026)

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• 2020Corporate rebranding as HMMOther

  The company sought a shorter global identity after operating for decades under the Hyundai Merchant Marine name.

  What changed. The board approved the change of corporate name to HMM Company Limited.

  Aftermath. HMM became the unified corporate and commercial brand used across its international shipping and logistics activities.

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• 2019Full membership in THE AllianceStrategy

  Global liner carriers increasingly relied on vessel-sharing alliances to broaden network coverage and improve asset utilization.

  What changed. HMM became a full member of THE Alliance with Hapag-Lloyd, Ocean Network Express and Yang Ming.

  Aftermath. Alliance participation improved HMM’s coordinated global service coverage; the framework was later reorganized as the Premier Alliance from March 2025.

  • Hapag-Lloyd — Hapag-Lloyd participated in THE Alliance before leaving the successor cooperation framework in 2025.
  • Ocean Network Express — Ocean Network Express continued cooperation with HMM in the Premier Alliance.
  • Yang Ming — Yang Ming continued cooperation with HMM in the Premier Alliance.
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• 2018Mega-ship fleet renewal programStrategy

  HMM needed greater scale and more competitive unit costs after turbulence in the global container-shipping market and the collapse of Hanjin Shipping.

  What changed. HMM ordered twenty mega container ships, including twelve vessels of approximately 24,000 TEU and eight vessels of approximately 16,000 TEU.

  Aftermath. The program led to the delivery of HMM Algeciras and other large vessels, materially increasing HMM’s position in the ultra-large container-ship segment.

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• 2016Separation from the Hyundai GroupStrategy

  HMM underwent a major restructuring as the Korean shipping industry faced financial pressure and consolidation.

  What changed. The company separated from the Hyundai Group and continued operating as an independent listed shipping company.

  Aftermath. The separation created a new ownership and strategic context while HMM worked to strengthen its container fleet, terminals and global network.

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• 2019Golden Ray capsizing and safety-management reviewControversy

  The roll-on/roll-off vessel Golden Ray capsized in the Port of Brunswick in Georgia in September 2019. The vessel was operated by an HMM-related subsidiary, and the subsequent safety directive required revisions to stability calculations, verification and auditing procedures and compliance checks concerning watertight doors.

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• 2025HMM reports strong financial performance for 2024

  HMM reported 2024 revenue of approximately KRW 11.7 trillion, operating profit of approximately KRW 3.5 trillion and net profit of approximately KRW 3.8 trillion. The company attributed the result to fleet expansion, network optimization, higher freight indices and market disruption related to the Red Sea crisis.

  Other
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• 2024HMM establishes the Premier Alliance cooperation framework

  HMM announced a new cooperation framework with Ocean Network Express and Yang Ming that replaced THE Alliance from March 2025 after Hapag-Lloyd left the previous arrangement.

  Other
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• 2024HMM sale negotiations with Harim Group collapse

  Negotiations over the proposed sale of a controlling stake in HMM to a Harim Group and JKL Partners consortium ended without agreement on commercial and control-related conditions. HMM therefore remained under its existing ownership structure.

  M&AOther
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• 2023HMM orders nine methanol-fueled container ships

  HMM placed an order for nine 9,000-TEU methanol-fueled container ships, forming part of its effort to expand lower-emission capacity and prepare for tighter maritime environmental requirements.

  Product launch
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• 2023HMM selected as preferred bidder in proposed sale to Harim consortium

  A consortium led by Harim Group and JKL Partners was selected as the preferred bidder for the government-backed sale process involving a controlling stake in HMM. The transaction was later terminated after negotiations failed.

  M&A
  Source
• 2020HMM completes rebranding from Hyundai Merchant Marine

  The company changed its corporate name from Hyundai Merchant Marine to HMM Company Limited, aligning its public identity with the HMM brand used across its global operations.

  Leadership change
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• 2020HMM Algeciras enters service as the world’s largest container ship by capacity at launch

  HMM held the naming ceremony for HMM Algeciras, a 23,964-TEU container ship. The vessel represented the company’s large-scale fleet-renewal program and was the largest container ship by capacity when launched.

  Product launchProduct generation
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• 2019HMM becomes a full member of THE Alliance

  HMM joined THE Alliance as a full member, strengthening its access to shared vessel networks and coordinated services across major global trade lanes.

  Other
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• 2011HMM joins the G6 Alliance

  HMM joined the G6 Alliance, at the time described as the world’s largest container-shipping alliance, expanding its coordinated service coverage with other major carriers.

  Other
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1. HMM Corporate History
2. HMM Company Overview and Management
3. HMM Articles of Incorporation
4. HMM 2024 Financial Results
5. HMM Sustainable-Growth Investment Plan
6. HMM Bulk and Tanker Services
7. HMM Company
8. HMM CEO Appointment Report
9. Korea Development Bank Prospectus
10. HMM selected as preferred bidder in proposed sale to Harim consortium