HMM Rules Out LNG Unit Buyback, Reinforces Container Shipping Focus

HMM chief executive Choi Won-hyuk has definitively ruled out any attempt to reacquire Hyundai LNG Shipping, signalling the South Korean carrier’s continued commitment to container operations despite persistent market speculation about diversification.

The LNG shipping unit was sold to private equity firm IMM for approximately US$1bn in 2014 during HMM’s restructuring, with the business primarily comprising long-term shipping contracts with state-controlled Korea Gas Corporation (Container News). IMM’s subsequent attempt to sell the unit back to HMM in 2023 collapsed when the parties could not agree on price—HMM’s US$229m bid fell well short of IMM’s US$500m asking price.

Choi’s announcement removes lingering uncertainty about HMM’s capital allocation strategy as the carrier reaches a significant operational milestone. HMM has now surpassed 1m teu of operated capacity, growing from 78 vessels to 97 ships over the course of 2025, with market share rising from 2.9% to 3.1% (Alphaliner). A further 200,000 teu of capacity is on order, with seventeen vessels scheduled for delivery through 2029 from Korean yards including Hyundai Samho, Hanwha Ocean and Hyundai Heavy Industries.