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Home » Shipping » HMM launches world’s largest container ship same day industry bailout announced

HMM launches world’s largest container ship same day industry bailout announced

PortandTerminal.com, April 23, 2020

SEOUL, SOUTH KOREA – Hyundai Merchant Marine (HMM) launched the largest container ship in the world, the HMM Algeciras, at a ceremony today attended by South Korea’s president Moon Jae-in.

Industry bailout announced

The launch of HMM’s new record-setting container ship comes on the same day that South Korea’s government outlined an enormous financial package to prop up its troubled maritime industries.

According to a report in The South Korea Herald, the ministry for oceans and fisheries has set aside the equivalent of US$1bn to help shipping lines, shipyards and other maritime players.

Minister Moon Seong-hyeok said: “The shipping firms are expected to suffer more serious damage after the second quarter, considering the time lapse between the global economic turmoil and the decline in their performances.”

The HMM Algeciras

The world's largest container ship vs the world's first container ship, the SS Ideal X
The world’s largest container ship vs the world’s first container ship, the SS Ideal X

In a statement, HMM said the HMM Algeciras has a capacity of 24,000 TEU and will be the first in a new fleet of mega-ships to be delivered by September 2020.

‘HMM Algeciras’ will be deployed on Far East Europe 4 (FE4) service, one of the Asia-North Europe trade lanes of THE Alliance, with its port rotation starting at Qingdao, Busan, Ningbo, Shanghai, Yantian, Suez Canal, Rotterdam, Hamburg, Antwerp, London Gateway, then Singapore via Suez Canal.

In September 2018, HMM signed a formal contract for its twenty eco-friendly mega container vessels with three shipyards – DSME, HHI (Hyundai Heavy Industries) and SHI (Samsung Heavy Industries) in an effort to take proactive actions towards market change as well as form a sustainable profit-generating structure.

READ: Maersk CEO: “No intention of building larger ships”

DSME and SHI build seven and five 24,000 TEU-class container ships, respectively, which are expected for delivery until September 2020. HHI constructs eight 16,000 TEU-class container ships to be delivered from the second quarter of 2021.

Additionally, there will seven and five 24,000 TEU-class containerships, respectively from DSME. There will also be eight 16,000 TEU-class container ships to be delivered from Hyundai Heavy Industries (HHI) in the second quarter of 2021.

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