HMM Co.,Ltd (011200.KS), a major South Korean national carrier, announced that it has partnered with B International Shipping and Logistics, part of the BGN group of companies, to establish a joint venture named HMMB INT Shipping Pte. Ltd in Singapore. The collaboration aims to expand the scope of Liquefied Petroleum Gas (LPG) transportation operations.
HMMB INT Shipping Pte. Ltd is equally funded by HMM and B International Shipping & Logistics, with each holding a 50% stake. Supported by the energy and commodities trading strength of BGN Int DMCC, the venture is positioned to ensure long-term operational stability.
The joint venture plans to operate two Very Large Gas Carriers (VLGCs), each with a capacity of 88,000 CBM. These vessels will be deployed under a 10-year contract, with an option to extend for an additional five years.
Both VLGCs are currently under construction at HD Hyundai Heavy Industries and are scheduled for delivery in the first half of 2027.
BGN Group is a prominent global trading company, handling approximately 14 million tons of LPG annually and operating a fleet of more than 40 LPG vessels.
HMM previously operated five LPG vessels but suspended its business in 2016. Under its 2030 Mid-to-Long Term Strategy, the company is reinforcing its bulk business portfolio, with plans to expand its LPG and ammonia fleet to 20 vessels by 2030.
Following the acquisition of three mid-sized LPG vessels earlier this year, the new joint venture represents another significant step in strengthening HMM's position in the green energy shipping sector.
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