The race to acquire HMM, South Korea’s flagship shipping company, is heating up again. After a failed attempt two years ago, Dongwon Group, the country’s largest fishing company, has reignited its bid, sparking renewed interest in the market.
Despite HMM‘s valuation now reaching KRW 10 trillion ($6.8 billion), major players such as steelmaker POSCO, HD Hyundai, and Hanwha Group are reportedly reassessing their bids in response to Dongwon’s renewed interest.
HMM has been under state control since 2016, following severe financial struggles that coincided with the collapse of Hanjin Shipping. Today, it remains the largest shipping company in South Korea.
In October, HMM joined the exclusive “teu millionaires club,” with its fleet now totaling 1,024,728 teu. According to Alphaliner, the company’s capacity has doubled over the past five years.
Last September, HMM unveiled ambitious expansion plans through 2030, setting aside KRW 23.5 trillion ($17.48 billion) to nearly double its container fleet, while tripling its tanker and dry bulk fleets.
