South Korea’s flag carrier is dramatically shifting course on new vessel orders in a move that could be a warning signal to global shipping.
Hyundai Merchant Marine (011200.KS), the world’s eighth-largest liner, said it will pause finalizing newbuild orders for at least 10 additional 13,000-TEU liquefied natural gas dual-fuel container ships that were planned for the second half of 2026
Instead, it is tilting toward energy transportation, focusing on Suezmax tankers; medium-range (MR) petroleum tankers; very large gas carriers (VLGCs); and LNG carriers. HMM has capacity of 1.01–1.03 million container units across a fleet of around 70–97 vessels, making it the only Korean liner in the global top‑10 by capacity. It rosters a mix of ultra‑large 24,000‑TEU ships, including two of the largest ships currently operating, and smaller feeders.
The primary global container line plies major east–west Asia–Europe and Asia–North America trades. The company posted revenue of $7.5–$7.7 billion in 2025. This was down about 7%–9.5% y/y from 2024’s $8.5 billion, but far ahead of Korean peers Pan Ocean, Sinokor, SM Line, and KMTC.