Busan: HMM Co., South Korea's largest shipping company, announced that its shareholders have approved a plan to relocate the company's headquarters from Seoul to Busan, a southeastern port city. The decision was finalized during an extraordinary shareholders' meeting following an agreement between the management and the labor union last week.

According to Yonhap News Agency, HMM plans to complete the necessary legal procedures within this month and relocate the chief executive office to Busan, approximately 330 kilometers southeast of Seoul, by the end of the year. This move aligns with the Ministry of Oceans and Fisheries' recent relocation from Sejong to Busan, in accordance with President Lee Jae Myung's vision to establish Busan as a major maritime hub in Northeast Asia.

Several smaller shipping firms, including SK Shipping Co. and H-Line Shipping Co., have also decided to move their headquarters to Busan. President Lee has expressed optimism that HMM's relocation will enhance the competitiveness of South Korea's shipping industry and promote balanced regional development. He also promised government support for the company's relocation plan.

In parallel developments, a special government team has been dispatched to Dubai to investigate the cause of a fire on the HMM Namu, a Panama-flagged cargo ship operated by HMM. The ship, which arrived at Drydocks World Dubai earlier today, experienced a fire while stranded in the Strait of Hormuz on Monday. The incident coincided with the U.S. launch of "Project Freedom," aimed at aiding stranded vessels amid tensions between the U.S. and Iran. The fire has sparked conflicting reports regarding its cause, with speculation of either an Iranian attack or an internal malfunction.

The investigation team is set to conduct on-site inspections, including analyzing the ship's voyage data recorder, reviewing closed-circuit television footage, and gathering testimonies from crew members to ascertain the exact cause of the incident, as stated by Seoul government officials.