HMM Co Ltd

South Korean flag carrier HMM is pausing finalization of orders for at least 10 additional 13,000-TEU LNG dual-fuel container ships planned for the second half of 2026, instead tilting toward energy transportation with a focus on Suezmax tankers, medium-range petroleum tankers, very large gas carriers, and LNG carriers. The world's eighth-largest liner, with a fleet capacity of 1.01 to 1.03 million container units across roughly 70 to 97 vessels, cited growing market uncertainties from newbuild-driven oversupply, Middle East crisis costs, and U.S. tariff policies. HMM posted 2025 revenue of $7.5 to $7.7 billion, down about 7% to 9.5% year-on-year, and has recent orders exceeding $1 billion for eight bulk carriers and two gas carriers with deliveries through 2031, plus a resale contract for four very large crude carriers. A Shinhan Investment & Securities forecast for the second quarter of 2026 pegs revenue at $2.21 billion, up 25% year-on-year, with operating profit of $291.8 million, up 80.4%, while the full-year 2026 outlook was revised upward to $8.9 billion in revenue and $1.2 billion in operating profit.