HMM Co., South Korea’s top container shipper, said Tuesday it will invest 23.5 trillion won (US$17.5 billion) by 2030 as it seeks to bolster its competitiveness as a global shipper.

HMM plans to funnel 12.7 trillion won into its container business and 5.6 trillion won into the bulk cargo sector to strengthen its position as a global shipping giant, according to its officials.

It also plans to inject 4.2 trillion won in expanding its logistics business and another 1 trillion won in bolstering its eco-friendly management strategy to achieve net-zero emissions by 2045.

Under the investment plan, HMM aims to secure carriers with a combined shipping capacity of 1.55 million twenty-foot equivalent units (TEU) and some 70 eco-friendly ships by 2030.

The company also plans to expand its bulk cargo capacity to 12.56 million dead weight tonnage (DWT) from the current 6.45 DWT.

Source: Yonhap News Agency