Lee wrote on social media platform X on Thursday that HMM would relocate to Busan “soon,” following the establishment of a maritime court and a state-backed investment corporation focused on Southeast Asian shipping routes. The move forms part of his broader pledge to turn the country’s second-largest city into a regional maritime hub.
He also reposted an earlier roadmap by former oceans minister Chung Jae-woo, who is widely rumored to be preparing a run for the Busan mayoral race in June.
Relocating HMM’s headquarters from Yeouido in western Seoul to Busan was one of Lee’s major campaign pledges.
Although HMM is publicly traded, it remains heavily influenced by the state after receiving government support during the prolonged shipping downturn in the late 2010s.
As of Thursday, government-affiliated entities controlled about 77 percent of its shares, including 35.42 percent held by Korea Development Bank, 35.08 percent by Korea Ocean Business Corporation, and 6.51 percent by the National Pension Service.
HMM was effectively nationalized in 2016 after its former rival Hanjin Shipping collapsed and entered court receivership. The company returned to profitability in 2020, and privatization efforts began in 2023, but have yet to yield results.
Given the government’s dominant stake, industry observers say the relocation could be pushed through if formally raised at a shareholders’ meeting.
HMM’s articles of incorporation currently designate Seoul as its headquarters. Any relocation would require a revision approved by a two-thirds majority of attending shareholders at a general meeting. With government-related institutions holding nearly 70 percent of shares, approval would be likely if the agenda is submitted.
According to investment banking sources, there are no clear signs yet that the board plans to place a charter revision on the agenda for the March shareholders’ meeting. However, an extraordinary board meeting could still be convened in late February or early March to do so.
HMM’s land-based labor union has strongly opposed any relocation without prior consultation, warning of possible collective action.
The union argues that moving the headquarters ahead of local elections, without sufficient review of operational efficiency and employee impact, would be unreasonable. About 800 employees currently work at the Yeouido headquarters.
With amendments to labor laws scheduled to take effect in March, the possibility of large-scale strikes remains.
Supporters argue that relocating HMM would strengthen Busan’s role as a maritime cluster and improve policy coordination among shipping firms, ports and regulators. Busan Port handled 22.95 million TEUs in 2023, ranking sixth globally.
Critics counter that Seoul’s financial infrastructure and talent pool are essential for attracting high-value cargo and managing global networks. They point out that Maersk, the world’s second-largest shipping company, is headquartered in Copenhagen, Denmark’s political and financial center.
As of the end of last year, more than 1,000 of HMM’s 1,824 employees were based in Seoul, mainly in management, sales and accounting. Shares of HMM ended Thursday up 5.83 percent at 22,700 won.
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