On May 4, the HMM labor union signed an agreement with management, formally abandoning its opposition to the headquarters relocation plan and consenting to the company's move from Seoul to Busan. This clears the final hurdle for President Lee Jae-myung's key pledge to establish Busan as an international maritime hub.

Previously, HMM employees had strongly resisted the relocation due to concerns over family relocation issues, with the union threatening strikes on multiple occasions. With the agreement now signed, HMM will proceed with constructing its new corporate headquarters at Busan North Port.

Under the terms of the agreement, HMM will convene an extraordinary general meeting of shareholders on May 8 to amend the company's articles of incorporation. The specific scale and timeline of the relocation will be determined through further consultation with the union. To minimize operational efficiency losses, employees responsible for functions such as finance and sales may continue to work at the Seoul branch office.

HMM CEO Choi Won-hyuk stated: "Despite encountering numerous differences and obstacles during extensive consultations, we ultimately set aside differences and built consensus from a larger perspective to achieve the greater social goal of balanced national development." He added that global shipping companies typically cluster in the Seoul metropolitan area due to high operational efficiency, and the company plans to formulate specific strategies to maximize efficiency following the relocation to Busan.

President Lee Jae-myung had pledged in his campaign platform to relocate both the Ministry of Oceans and Fisheries and HMM to Busan, aiming to strengthen the port city's position as a maritime hub. The Ministry has already completed its move, but HMM's relocation had remained the most challenging obstacle.

Union leaders stated that despite lingering concerns over the move, they decided to drop their opposition "in the interest of the greater cause of developing Busan as a maritime powerhouse." Jung Sung-cheol, chairman of the HMM Onshore Employees Union, noted: "During the detailed consultation process, employees must be prioritized, and it must be ensured that they suffer no disadvantage under any circumstances."