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South Korean container-line SM Line plans to extend its trans-Pacific services following a rejection of joint plans by Hyundai Merchant Marine. SM Line shipped 189,000 TEUs of U.S. inbound freight in 2017, only partly replacing the 1.07 million TEUs previously handled by Hanjin Shipping. Th... Read more →
The defining feature of September in U.S.-bound shipping was the demise of Hanjin Shipping, the main winner was Hyundai Merchant Marine. HMM increased its volumes on U.S.-bound seaborne routes by 15% vs. August and 5% on a year earlier. Maersk and MSC, who also added new Asian routes, were ... Read more →
Shippers had their best month in August for U.S. bound cargoes since at least 2007 in August, with a 5% growth in volumes vs. a year earlier. MSC and Maersk both added nearly a half percentage point of market share (to 8.5% and 6.3% respectively) in the month. This came at the expense of CM... Read more →
Hanjin Shipping has until September 4 to sort out its financing after its parent company missed a deadline on Friday. A new plan is due in the next few days – there won’t be state support, but asset sales are possible and Korean Air may contribute. Panjiva data shows Hanjin increased ... Read more →
Hanjin Shipping won’t get state aid, the South Korean financial regulator has said. It has lagged Hyundai Merchant Marine in restructuring, but may be pursuing a self help strategy by boosting revenues. It increased U.S. bound volumes by 7.6% in July vs. June – the market averag... Read more →
South Korea reported trade data for July showed a 10.2% drop in exports vs. a year earlier, significantly worse than June’s 2.7%, and below economists’ estimate of a 6.7% decline according to Bloomberg. Imports also fell more than expected. While some of the items are technical – eg r... Read more →
The government of South Korea yesterday cut its economic growth forecast and launched a $17 billion stimulus package partly aimed at shipping. This presumably includes the already-created $9.5 billion fund aimed at the industry that was reported by Reuters in early June. The plight of the s... Read more →
Hyundai Merchant Marine saw its stock jump 30% on news that it may join the 2M shipping alliance (with Maersk and MSC) rather than ‘THE Alliance’, Bloomberg reports. The combined group would have 16.6% share of U.S. imports, Panjiva data shows. The market might also be putting this comment ... Read more →
The woes of the Korean shippers continue as Seaspan has refused to give Hanjin Shipping a 30% cut to its charter rates, Bloomberg reports. This is a marked contrast to Hyundai Merchant Marine, which Korea Economic Daily said had secured 21% lower rates earlier in June. With Hanjin du... Read more →
South Korea has created a 11 trillion won ($9.51 billion) fund to support its shipping and shipbuilding industries, Reuters reports. While this is likely to trigger complaints at the World Trade Organization the need has become urgent following the financial struggles of Hanjin Shipping Com... Read more →
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