Korea's Hyundai Merchant Marine (HMM) has signed letters of intent for its 20-ship newbuilding spree.

The ceremonies marked the next phase of its $2.5bn drive to boost its capacity.

The orders are being split between Hyundai Heavy Industries (HHI), Samsung Heavy Industries and DSME.

HMM CEO CK Yoo (left) with Samsung Heavy Industries CEO Nam Joon-ou Photo: HMM

HHI will build eight 14,000-teu containerships, with DSME and Samsung signing up for seven and five 23,000-teu containerships respectively.