SEOUL, July 22 (AJP) - HMM, South Korea’s largest shipping company, is accelerating its push into international port terminal operations, targeting long-term leases and acquisitions as it seeks to cement its position in the global logistics market.
The company plans to invest in terminals with operating rights spanning 20 to 30 years, generating revenue through vessel management, cargo handling, storage, and integrated logistics services.
According to industry sources, HMM has decided to join the bidding process for Brazil’s Tecon 10 project, a new mega-terminal to be constructed at the Port of Santos, the busiest port in Latin America. The Brazilian government aims to develop the terminal on a 620,000-square-meter site near Sao Paulo, with a projected annual capacity of 3.5 million twenty-foot equivalent units, or TEUs.
The move comes as trade volumes between South America and global markets continue to surge, intensifying congestion at Santos, which currently handles around 6 million TEUs annually.
With 58 privately operated terminals, the addition of Tecon 10 is expected to boost the port’s throughput by roughly 50 percent, easing longstanding capacity bottlenecks.
HMM is also expanding its presence in Europe. The company will invest 35 million euros to enlarge its terminal at the Port of Algeciras in southern Spain. The expansion will increase the facility’s size from 300,000 square meters to 460,000 square meters, raising its annual handling capacity from 1.6 million to 2.1 million TEUs.
As part of the investment, HMM has extended its operating rights for the Algeciras terminal by 22 years, from 2043 to 2065.
HMM currently operates eight terminals across six countries, as it continues to expand its global logistics network.
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