HMM to create LPG joint venture with Dubai’s firm

South Korea’s shipping giant HMM will establish a joint venture with B International Shipping & Logistics, a BGN group company, to expand the liquefied petroleum gas (LPG) shipping business.

The new joint venture, HMMB INT Shipping, is based in Singapore with plans to operate two very large gas carriers (VLGCs), each with a capacity of 88,000 cbm, under a 10-year contract with the option to extend by another 5 years.

These vessels are currently under construction at HD Hyundai Heavy Industries and are scheduled for delivery in the first half of 2027.

The aim of this partnership is to expand the scope of liquefied petroleum gas (LPG) transportation operations.

The large national carrier HMM said the joint venture is equally funded by HMM and B International Shipping & Logistics, each holding a 50% stake.

BGN Group is a global trading company, handling approximately 14 million tons of LPG annually and operating a fleet of over 40 LPG vessels.

HMM, which previously operated five LPG vessels, suspended the business in 2016. Under its 2030 mid-to-long term strategy, HMM is now reinforcing