HMM has partnered with B-International Shipping and Logistics, part of the BGN group, to form a joint venture, HMMB INT Shipping Pte. Ltd, in Singapore, aiming to expand its Liquefied Petroleum Gas (LPG) transportation operations.
The agreement was signed on 5 November at HMM’s Seoul headquarters, where both parties reaffirmed their commitment to close collaboration.
HMMB INT Shipping Pte. Ltd is equally owned by HMM and B-International Shipping & Logistics, each holding a 50 per cent stake.
The partnership leverages BGN Int DMCC’s energy and commodities trading expertise to ensure long-term operational stability.
The venture will operate two Very Large Gas Carriers (VLGCs), each with an 88,000 CBM capacity, under a 10-year contract with an option to extend by five years.
Both vessels are currently under construction at HD Hyundai Heavy Industries, with delivery scheduled for the first half of 2027.
BGN Group is a global LPG trading leader, handling around 14 million tonnes annually and operating a fleet of over 40 LPG vessels.
HMM, which previously operated five LPG vessels before suspending the business in 2016, is now expanding its bulk shipping portfolio under its 2030 Mid-to-Long Term Strategy, aiming to grow its LPG and ammonia fleet to 20 vessels by 2030.
Following the acquisition of three mid-sized LPG vessels earlier this year, the joint venture represents a further step in strengthening HMM’s position in green energy shipping.
An HMM official said: “This joint venture marks a strategic move to actively respond to the growing demand for gas transportation and sets the stage for future collaboration in low-carbon and environmentally sustainable energy logistics.”
Ozan Turgut, Director of Shipping at B-Shipping, added: “BGN is pleased to partner with HMM, South Korea’s national carrier, which brings operational excellence and expertise. We share a mutual vision to decarbonise the maritime industry. The delivery of these two vessels supports BGN’s goal to sustainably grow our LPG business, expand our global reach, and add value for our customers, while contributing to the energy transition.”
Recently, HMM completed three pilots implementing DCSA standards with Genesis, Samsung SDS, and HelloContainer.
