The board convened an extraordinary session to endorse the revision to Article 3 of HMM's articles of incorporation, which currently designates Seoul as the registered seat. An extraordinary general meeting of shareholders will follow on May 8, where approval requires a special resolution backed by two-thirds of attending shareholders.
With state-affiliated entities holding more than 70 percent of HMM shares — Korea Development Bank at 35.42 percent, Korea Ocean Business Corporation at 35.08 percent and the National Pension Service at 5.62 percent — passage is widely considered a foregone conclusion.
The move is a centerpiece of President Lee Jae Myung's drive to transform Busan into a maritime capital, consolidating shipping administration, judicial functions and corporate headquarters in a city that already hosts the world's second-largest container transshipment port.
Industry officials expect HMM to begin scouting office sites near Busan New Port in the second half of the year and to unveil relocation support packages for Seoul-based staff shortly after the vote.
HMM's onshore labor union, however, struck a defiant tone.
The union declared bargaining with management collapsed after the board acted without prior consultation and said it would move to secure the right to stage industrial action, raising the specter of a general strike before the May meeting.
The union has argued the transfer could hollow out operational efficiency and trigger an exodus of seasoned employees whose work is embedded in Seoul's financial and logistics networks.
Analysts say the Busan relocation could also accelerate the long-delayed privatization of HMM, as KDB seeks to shore up its capital adequacy by divesting its stake in the carrier.
The headquarters shift follows the Ministry of Oceans and Fisheries' own relocation from the administrative capital of Sejong to Busan in December 2025, a move that prompted mid-sized bulk carriers SK Shipping and H-Line Shipping — both controlled by private equity firm Hahn & Company — to begin relocating to the port city earlier this year.
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