HMM Container Ship Struck by Unknown Projectile in Hormuz Strait; Seoul Calls Emergency NSC Meeting

South Korean shipping giant HMM (011200.KS) reported its container vessel Namwoo was struck by an unidentified flying object while anchored in the Strait of Hormuz on May 10, 2026, causing a fire aboard. South Korea's presidential office immediately convened an emergency NSC working-level meeting with the Ministry of Oceans and Fisheries and other key ministries.

Presidential spokesperson Kang Yu-jung confirmed the NSC meeting but declined to share details. South Korea's Foreign Ministry has been in consultations with the U.S. State Department since May 4, following the latest escalation of U.S. sanctions against Iran.

Simultaneously, Iran's Army spokesperson Mohammad Akraminya warned that vessels from countries joining U.S. Iran sanctions would be barred from the Strait of Hormuz: "Countries that follow the American precedent in imposing sanctions on Iran will certainly face difficulties transiting the Strait of Hormuz." Iran has not officially claimed responsibility for the Namwoo strike, but the timing has placed markets on high alert.

The Strait of Hormuz handles roughly 20% of global daily oil supply. Iran's sustained blockade has caused cumulative supply losses approaching one billion barrels, with Brent crude closing Friday at $101.29 per barrel — up 67% year-to-date. South Korea's heavy reliance on Middle Eastern crude makes it particularly exposed.

HMM is South Korea's largest container shipping company and a key KOSPI component. The attack is expected to reprice geopolitical risk premiums across the Korean shipping sector, including Pan Ocean (028670.KS) and Korea Line (005880.KS). The KOSPI closed last week at 7,498, up 13% on the week near all-time highs.

Watch for: HMM's official damage and crew safety report, South Korea's decision on joining U.S. Iran sanctions, and Monday KRX open reaction in shipping stocks.

Not investment advice. Verify all figures with primary sources before acting.