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HMM¡¯s Cargo Processing at Busan Port Hit Record

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.


< Figure 1 > HMM Processed Cargo in Busan Port

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