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