HMM has partnered with B International Shipping & Logistics, part of the BGN Group, to establish a joint venture in Singapore aimed at expanding liquefied petroleum gas (LPG) transportation services. The new entity, HMMB INT Shipping Pte. Ltd, is jointly funded, with each partner holding a 50 per cent stake.
The agreement was formalised on 5 November during a signing ceremony at HMM’s Seoul headquarters, where both companies confirmed their intention to strengthen long-term cooperation. The joint venture will be supported by BGN Int DMCC’s energy and commodities trading activities, which both parties expect will contribute to operational stability.
HMMB INT Shipping plans to operate two Very Large Gas Carriers (VLGCs), each with a capacity of 88,000 CBM, under a 10-year contract with an option to extend for a further five years. The vessels are currently under construction at HD Hyundai Heavy Industries and are scheduled for delivery in the first half of 2027.
BGN Group handles around 14 million tonnes of LPG annually and operates a fleet of more than 40 LPG vessels. HMM previously operated five LPG vessels before suspending the service in 2016. As part of its 2030 Mid-to-Long Term Strategy, the company aims to rebuild its presence in the gas shipping segment, with plans to expand its LPG and ammonia fleet to 20 vessels by 2030. The joint venture follows HMM’s recent acquisition of three mid-sized LPG vessels earlier this year.
An HMM spokesperson said the partnership would help the company respond to rising demand for gas transportation and support future opportunities in low-carbon energy logistics.
Ozan Turgut, Director of Shipping at B International Shipping & Logistics, said, “BGN is pleased to be in partnership with HMM, the national carrier of South Korea, who bring operational excellence and expertise. We share a mutual vision to decarbonise the maritime industry and our shipping operations. The delivery of these two vessels underlines BGN’s vision to sustainably grow our LPG business, expand our global reach, and add value for our customers, as we also contribute to the energy transition.”
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