South Korea’s largest shipping company, HMM, is making a calculated push into bulk shipping as it seeks to reduce dependence on volatile container rates and capture steadier revenue streams in global commodity transport.
The company recently purchased two Ultramax bulk carriers — the CMB Van Dijck (63,700 DWT, built 2020) and CMB Matsys (63,600 DWT, built 2021) — from Belgium’s CMBTech for $32.5 million each.
Built by Japan’s Imabari Shipbuilding, the vessels will allow HMM to strengthen its position in markets such as iron ore and coal, which are typically covered by long-term contracts and offer more predictable cash flow compared to containers.
HMM has operated bulk ships since the 1970s but is now accelerating expansion. The company aims to grow its bulk fleet to 55 vessels by 2026 and triple that number by 2030, raising bulk shipping’s share of operations from 15% to 22%. Recent acquisitions also include the 200,000 DWT Newcastlemax Luise Oldendorff from Germany’s Oldendorff Carriers for $5.1 million and the Capesize Global Enterprise from Japan for $2.9 million.
The company is also exploring a takeover of SK Shipping, which manages crude tankers, LPG carriers, and bulk vessels. Acquiring SK’s fleet of 22 oil tankers, 14 LPG carriers, and 10 bulk ships would significantly diversify HMM’s portfolio and boost its exposure to long-term charter markets.
Industry analysts note that HMM’s pivot mirrors a broader trend: major shipping firms are balancing container and bulk operations to hedge against rate swings while tapping into steady demand for global commodity transport. “It’s about creating stability in an industry known for volatility,” one analyst said.
For global investors, the move highlights HMM’s ambition to secure a larger role in commodity shipping, a sector increasingly seen as a hedge against uncertain global trade flows. With the company positioning itself as both a container and bulk player, its evolving strategy may offer a more resilient growth story in the decade ahead.
