SOUHT Korea's largest carrier, HMM, is set to hit a key mark in its growth strategy even as the company continues to face an uncertain future as the state-controlled banks move forward with the sale of the company.

HMM mapped out a growth strategy in 2022 that called for nearly doubling its container capacity while also moving forward with investments in dry bulk and other sectors, reports Fort Lauderdale's Maritime Executive.

Last week the company celebrated the naming of the first of a dozen new vessels that it will take delivery of this year. When the delivery of the new class of 13,000 TEU ships is completed this year, HMM's fleet capacity is forecast to reach a total of 1 million TEU.

While the company will remain the eighth-largest carrier according to the ranking by Alphaliner, it represents a nearly 30 per cent increase in overall capacity. In addition, HMM management is highlighting the company will be the only global carrier that has more than 80 per cent of its fleet with a capacity of over 10,000 TEU for each vessel. They highlight the age and capacity of the ships as it enhances the company's cost structure and operating efficiency.

"We expect our new ships to give us strong environmental credentials and to provide us with the capacity and flexibility in the face of growing competition in the global market," said Kim, Kyung Bae, president and CEO of HMM at the naming ceremony at the HD Hyundai shipyard in Ulsan, South Korea.

The new class of ships will each have a capacity of 13,000 TEU and will be registered in Liberia. They are approximately 139,000 dwt with dimensions of 1,099 feet (335 meters) in length and a beam of 167 feet (51 meters). The first ship of the class is HMM Garnet, and they will bear the names of birthstones from January to December.

From this February, HMM Garnet will be deployed on the East Coast 1(EC1) route as part of THE Alliance. The route starts at Kaohsiung, Taiwan, and includes Xiamen, Yantian, Shanghai, Ningbo, Busan, and Yantian, all in China before proceeding to New York, Norfolk, Charleston, Savannah, in the United States and a return that includes Singapore.

HMM has a total of 26 containerships on order which will add more than 260,000 TEU capacity. In addition to the 13,000 TEU vessel, they are scheduled to receive three 1,800 TEU containerships this year. The company also ordered nine methanol dual-fuel containerships each with a 9,000 TEU capacity due for delivery in 2025 and 2025 and in 2023 placed orders for car carriers, bulk carriers, and multi-purpose vessels in its diversification strategy.