South Korean ocean box liner Hyundai Merchant Marine (HMM) announced a 73% year-on-year increase in volume carried in April on the Asia-U.S. West Coast (USWC) route.
HMM, citing statistics from U.S. waterborne trade data provider PIERS Data, said its Asia-USWC shipments rose from 7,604 twenty-foot equivalent units per week to 13,186 TEUs per week at the end of April 2017 year-on-year.
“Moreover, HMM ranked fifth in terms of market share from 11th at the previous year,” said a company statement.
The USWC-Asia volume also registered an increase, rising to 7,336 TEUs weekly in March 2017, which put HMM in third rank for market share.
Additionally, cargoes shipped by the carrier on Asia-all U.S. routes rose year-on-year from 10,733 TEUs weekly to 17,932 TEU weekly, up 67%, in April 2017.
HMM said volumes transported on Asia-U.S. routes have rapidly increased following its strategic cooperation with 2M Alliance’s members Maersk Line and Mediterranean Shipping Company in April.
A company official said, “HMM has raised its market share along with its ranking, as its volume has shown dramatic increase compared to last year. We expect gradual improvements in profitability, since we’re heading into the peak season with higher volumes.”
Busan traffic up
Earlier, the liner reported that its cargo throughput at Busan Port, the largest sea gateway in South Korea, increased 72% in April compared to a year ago, helped by its shipping alliances.
HMM said it processed 150,332 TEUs of cargo through the port in April, the second largest volume after Maersk. The total included 81,625 TEUs of imports and exports, an increase of 68% year-on-year, and 68,707 TEUs of transit cargo, up 77%.
Cargo volumes for routes to and from China and the United States grew the most, while those on routes to and from Japan, Vietnam, and India also rose. HMM aims to handle 1.5 million TEUs at Busan Port this year.
2018 outlook
Group CEO Yoo C.K. predicts that HMM will be able to achieve a turnaround during the second half of next year given its improving financial status, reduced costs, and realigned routes, as well as the improving business conditions.
The company said its operating loss for the first quarter of this year narrowed compared to the same quarter last year with a 7% year-on-year increase in sales.
Photo: Shipping21
