HMM’s $1.4bn Bet on 13,000-TEU Ships Fuels Record Orderbook Fears
South Korea’s HMM orders eight dual-fuel vessels for Far East–Mediterranean route.
South Korean shipping giant HMM has placed a major new order for containerships as part of its push to expand capacity to 1.5 million TEU. The company confirmed on October 20 that it will acquire eight 13,000-TEU vessels from shipbuilder HD Hyundai, with deliveries scheduled to begin in 2029.
These 337-meter-long ships will operate on HMM’s key route connecting the Far East, India, and the Mediterranean. Equipped with dual-fuel engines, they will run on both LNG and conventional marine fuel. Two of the vessels will be constructed at HD Hyundai Heavy Industries’ Ulsan yard, while the remaining six will be built at HD Hyundai Samho’s facility in Yeongam. The order is valued at $1.42 billion.
In addition to the newbuilds, HMM has purchased four smaller feeder vessels, three with 2,800-TEU capacity and one with 1,700 TEU, to strengthen its regional network. This move aligns with the company’s strategy to focus on mid-sized and smaller ships rather than ultra-large containerships in its next growth phase.
HMM
HMM Nears Capacity Target as Industry Orderbook Hits Record
HMM’s current fleet consists of 97 vessels, with a total capacity of 1.034 million TEU, according to Alphaliner. The new 13,000-TEU ships will add 104,000 TEU, bringing the company closer to its 1.5 million TEU goal. This year alone, HMM has invested approximately $4.5 billion in fleet expansion, logistics, and future technologies.
The carrier’s order comes as the global containership orderbook reaches unprecedented levels. Industry analysts at Linerlytica report that the total orderbook now stands at 16.2 million TEU, equivalent to 46.5% of the existing fleet, a figure not seen since 2009. This surge follows recent orders from competitors like MSC Mediterranean Shipping Company, which has committed to 20 ultra-large 24,000-TEU vessels.
However, concerns about overcapacity are growing. With demand potentially softening and vessels returning to the Suez Canal and Red Sea routes, reducing the need for longer detours around Africa, some industry observers warn of a possible imbalance between supply and demand.
HD Hyundai’s Orderbook Expands Amid Strong Demand for Dual-Fuel Ships
The HMM order has further bolstered HD Hyundai’s 2026 performance. The shipbuilder has now secured contracts for 182 vessels this year, worth over $20 billion, reaching nearly 87% of its annual target. The demand for dual-fuel propulsion systems, like those specified by HMM, reflects the industry’s ongoing shift toward cleaner energy solutions.
Despite the strong orderbook, the broader shipping sector faces uncertainty. While carriers like HMM continue to expand, the record number of newbuilds and potential demand fluctuations could pose challenges in the near term.
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