HMM is included in this "special list" by the United States

Latest news: On July 1, local time in the United States, the Federal Maritime Commission (FMC) of the United States announced that Hanshin Shipping (HMM), the world's eighth largest container liner company from South Korea, was listed as a carrier controlled by the South Korean government, and HMM was also included in the FMC's "Controlled Carrier List".
It is understood that a controlled carrier refers to an ocean public carrier operating in the United States, whose foreign trade or its operating assets are directly or indirectly owned or controlled by a foreign government.

In the following circumstances, a carrier is deemed to have government ownership or control:
(1) The majority of the interests of the carrier are owned or controlled in any way by the government, government agencies, or public or private entities controlled by the government;
(2) The government of the country has the right to appoint or disapprove the appointment of the majority of the carrier's directors, chief operating officer, or chief executive officer.
The FMC stated that controlled carriers will be subject to enhanced supervision by the FMC unless there is a treaty between the country where the controlled carrier is located and the United States.

Under 46 CFR Part 565, regulated shipping lines must comply with rate review standards to ensure that they do not unfairly use their government-backed position to undermine competitors.

The 1957 Treaty of Friendship, Commerce and Navigation between the United States and the Republic of Korea exempts HMM from the requirements of 46 U.S.C. § 40706(1) under 46 U.S.C. § 40706(1).

However, HMM remains subject to the provisions of 46 U.S.C. § 40502(f) and 46 U.S.C. § 46106(b)(7).
According to the introduction from the official website of HMM, the announcement originated from Asia Merchant Marine, which was established by Hyundai Group in 1976. At that time, a large number of ships built by Hyundai Heavy Industries, a subsidiary of Hyundai Group, were abandoned by buyers due to the oil crisis in the 1970s. Hyundai Group was forced to establish Asia Merchant Marine under the circumstances at the time.
In 1983, the company was renamed Hyundai Merchant Marine.
In 2016, Hyundai Merchant Marine encountered a financial crisis and was separated from Hyundai Group. The Korea Development Bank and Korea Maritime Commercial Corporation took over and became its major shareholders.
The following year, in 2017, Hanjin Shipping went bankrupt, making Hyundai Merchant Marine the largest shipping company in South Korea.
In 2020, the company was renamed HMM (Hanjin Shipping).
Three years after the name change to HMM, the company's major shareholders, Korea Development Bank (KDB) and Korea Maritime Commercial Corporation (KOBC), once wanted to sell HMM! However, in March of this year, the South Korean government suddenly announced the suspension of the sale of HMM and stopped selling it!
“HMM is state-funded, so I can only say we are making plans to ensure it operates in a healthy way,” said Kang Do-hyung, South Korea’s minister of oceans and fisheries. “Our priority will be to stabilize HMM’s operations before reconsidering a sale.”