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10 months ago
Hyundai Merchant Marine to turn Hanjin substitute route into regular service
October 5, 2016 / 6:37 AM / 10 months ago

Hyundai Merchant Marine to turn Hanjin substitute route into regular service

1 Min Read

SEOUL (Reuters) - Hyundai Merchant Marine Co Ltd (HMM) said on Wednesday it will turn its new Asia-U.S. route, begun as an alternative for Hanjin Shipping's services, into a regular weekly service as it hopes for increased market share.

HMM said in a statement it will utilize five container ships of capacities between 4,000-6,000 twenty-foot equivalent units (TEU) in a Shanghai-to-LA shipping route via South Korean ports starting Oct. 14. It said it hopes to increase its market share by strengthening its competitive ability on Asia-U.S. routes.

Hanjin Shipping sought court receivership in late August, stranding $14 billion (11.01 billion pounds) in cargo and sending waves through global trade networks.

Reporting by Joyce Lee; Editing by Tom Hogue

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