Hyundai Merchant Marine (HMM) announced that its cargo processing at Busan Port, the largest sea gateway in Korea, has hit a new record.
HMM handled 167,018 TEUs of cargo through the port in July, increased by 93 percent year-over-year. HMM has previously set a record of handling over 150 thousand TEUs in Busan Port in April and successfully set a new record of handling over 160 thousand TEUs after just three months.
Transit cargo, in particular, has recorded 85,717 TEUs - soaring 133 percent year-over-year. Its market share also set a new record of 10 percent, handling the second-largest volume after Maersk.
Processed cargo during the first seven months of the year reached 1.01 million TEUs, which is HMM’s first million TEU record in Busan Port this year. Greater than last year’s 1.16 million TEUs, HMM expects to overwrite last year’s annual record within August.
The company attributed the performance to the high season’s strong market of China and South East Asia
and its global shipping alliance with 2M (Maersk and the Mediterranean Shipping Company) and HMM + K2 (Sinokor Merchant Marine Co. and Heung-A Shipping Co.) consortium. Acquisition of overseas terminal assets has also played a great role regaining the trust of foreign cargo owners.
HMM official said “with this speed, we expect to handle more than 1.8 million TEU in Busan Port this year, exceeding the aim of 1.5 million TEUs that we announced earlier this year” and that “we will do our best to grow further as Korea’s national carrier and contribute to rebuilding Korea’s maritime business.”
Meanwhile, according to Piers Data, HMM’s volume in Asia - US West coast
(USWC) in July increased 63 percent to 15,346 TEU/WK year-over-year and its market share recorded 7 percent, increased by 2.2 percent point year-over-year.