South Korean shipping company HMM has revealed a Won23.5tn ($17.5bn) sustainable growth plan outlining a significant expansion of its fleet and investments into its net-zero targets.

The carrier said it would be doubling the size of its container fleet to 130 vessels and tripling its dry bulk and tanker fleet to 110 vessels by 2030, with a particular focus on acquiring 70 green ships.

CEO Kin Kyung Bae said: "We are enhancing the quality of service we deliver to our customers. We remain committed to developing a resilient business portfolio and positioning ourselves as a global leader in eco-friendly shipping for the future."

HMM's fleet investments will see Won11tn put into growing its container fleet to a capacity of 1.55m TEU by 2030, and Won5.6tn into its bulk business to reach a tanker and dry bulk fleet of 12.56m DWT as part of a "stable portfolio that is not biased to a particular bulk market".

As well as purchasing new vessels, HMM also revealed its efforts to reach net zero across its operation by 2045 would include spending Won1tn on retrofitting ship engines, digitalisation, and securing a supply chain for green fuels.

The company also said the establishment of its presence in the eco-friendly energy transportation sector would provide an opportunity to diversify its business and gain an advantage in the early stages of the sector.

Other investments outlined in the major growth plan include Won4.2tn for the enhancement of shipping and logistics infrastructure, such as extended and additional port terminals, and Won1.7thn for container boxes to enhance operational efficiency.

The operator's plan provides another strong look into its future following the announcement of its newly named Premier Alliance with ONE and Yang Ming, supported by carrier MSC through a slot exchange cooperation agreement.