▲ (From L to R) Oceans Minister Hwang Jong-woo; Jung Sung-cheol, head of HMM's onshore labor union; Choi Won-hyuk, CEO of HMM; Lee Jae-jin, chairman of the Korean Federation of Financial and Service Workers' Unions; and Kim Hyung-jun, executive director at the Korea Ocean Business Corporation, pose for a photo after HMM and its labor union agreed to relocate the shipping company's headquarters to the southeastern city of Busan during an event held in Seoul on April 30, 2026. (Yonhap)

HMM-relocation

HMM, labor union agree to relocate headquarters to Busan

SEOUL, April 30 (Yonhap) -- HMM Co., South Korea's largest shipping firm, said Thursday its management and labor union have agreed to relocate the company's headquarters in Seoul to the southeastern port city of Busan.

HMM said it will formalize the agreement at an extraordinary shareholders' meeting scheduled for May 8 and complete related legal procedures within the next month.

The move comes after the Ministry of Oceans and Fisheries relocated from the administrative city of Sejong to Busan, about 330 kilometers southeast of Seoul, in December in line with President Lee Jae Myung's pledge to develop Busan as a maritime hub in Northeast Asia.

HMM's smaller rivals, including SK Shipping Co. and H-Line Shipping Co., have also decided to relocate their headquarters to Busan

Lee welcomed the agreement between HMM and its labor union after months of negotiations.

"I expect the agreement will enhance the competitiveness of Korea's shipping industry and contribute to balanced regional development," Lee wrote on the social media platform X. "The government will also provide support for HMM to grow into a global shipping company."

Oceans Minister Hwang Jong-woo also pledged support for HMM's relocation plan, saying the government will consult with Busan and relevant financial authorities on taxation and financing incentives.

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