HMM, South Korea’s largest national carrier, has partnered with B- International Shipping and Logistics, a part of the BGN group of companies to establish a joint venture named “HMMB INT Shipping Pte. Ltd” in Singapore. This collaboration was undertaken to expand the scope of Liquefied Petroleum Gas (LPG) transportation operations.
The signing ceremony for the establishment was held on November 5th at HMM’s headquarters in Seoul, where both companies reaffirmed their commitment to close cooperation.
HMMB INT Shipping Pte. Ltd is equally funded by HMM and B International Shipping & Logistics, each holding a 50% stake, and together with the energy and commodities trading strength of BGN Int DMCC, ensures long-term operational stability.
The venture plans to operate two Very Large Gas Carriers (VLGCs) each with a capacity of 88,000CBM, under a 10-year contract with the option to extend by another 5 years.
Both VLGCs are currently under construction at HD Hyundai Heavy Industries and are scheduled for delivery in the first half of 2027.
BGN Group is a leading global trading company, handling approximately 14 million tons of LPG annually and operating a fleet of over 40 LPG vessels.
HMM previously operated five LPG vessels but suspended business in 2016. Under its 2030 Mid-to-Long Term Strategy, HMM is now reinforcing its bulk business portfolio, with plans to expand its LPG and ammonia fleet to 20 vessels by 2030.
Following the acquisition of three mid-sized LPG vessels this year, this joint venture marks an additional step forward in strengthening HMM’s position in the green energy shipping sector.
An HMM official stated, “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, B-Shipping 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 decarbonize 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.”