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  • Hyundai Merchant Marine’s share of Asia-U.S. West Coast route falls to 4% range - BusinessKorea
  • 2022 November 22 16:09

    Hyundai Merchant Marine’s share of Asia-U.S. West Coast route falls to 4% range - BusinessKorea

    HMM’s share of the Asia-U.S. West Coast route has fallen to the 4 percent range in seven years, according to BusinessKorea. The route accounts for more than 40 percent of HMM’s sales. The drop in HMM's market share is because not only large shipping companies but also small and medium-sized shipping companies that do not belong to maritime alliances have greatly increased services on the lucrative route.

    HMM’s share of the Asia-U.S. West Coast route reached 4.8 percent in the third quarter of this year. The company posted 6.8 percent in 2020 and 5.8 percent last year. The route connects Asian ports such as Busan and Shanghai with Long Beach, Auckland, and Los Angeles of the United States. It was the first time in seven years since 2015 that HMM’s share of the route has fallen below 5 percent. HMM had suffered losses for 20 consecutive quarters since the second quarter of 2015.

    “In the first half of this year, container freight rates on the U.S. West Coast route rose, and other shipping companies put more ships into the route in competition,” an HMM official explained. “Small and medium-sized shipping companies outside maritime alliances raised their share a great deal.” Switzerland’s MSC and Denmark’s Maersk, which rank first and second in the global shipping market, also increased their vessel input. MSC’s market share soared from 8.1 percent in 2020 to 14.6 percent in the third quarter of this year. During the same period, Musk’s market share also rose from 7.3 percent to 9.1 percent.

    Global shipping companies greatly increased the amount of ship orders as maritime freight rates rose significantly in the aftermath of the COVID-19 pandemic. HMM, the only oceangoing shipping company in Korea, ranks eighth with 810,000 TEUs. The combined fleet capacity of HMM (430,000 TEU) and Hanjin Shipping (610,000 TEU) right before the latter’s bankruptcy in 2016 stood at 1.04 million TEUs. HMM is expected to top one million TEUs only in 2024 through additional ship orders.

    Many ships ordered by global shipping giants will be delivered beginning from 2023. The Shanghai Containerized Freight Index (SCFI), a global maritime freight rate indicator, is also plummeting amid fears of a global economic recession. The index stood at 1,306.84 on Nov. 18, the lowest in 27 months since 1,263.23 at the end of August 2020. As ship supply exceeds demand, a prevailing view among experts is that freight rates will continue to descend until at least next year.

2022 December 5

18:27 ABP completes its annual Humber Oil Spill Incident Management Exercise
18:07 DNV enlarges its offerings portfolio to support businesses with EU Green Deal requirements
18:00 Oboronlogistics reports stable growth of ferry traffic in November 2022
17:44 Adani Ports and SEZ wins bid to buy Karaikal port - The Hindu Businessline
17:26 PD Ports welcomes first vessel on new short sea service from Iberia
17:04 Icebreaker assistance season begins in the port of Azov on December 7
16:57 Port of Rotterdam Authority and GoodShipping launch ‘Switch to Zero’ campaign to reduce shipping industry carbon emissions
16:17 Rosmorport to sign agreement with Gazpromneft Marine Bunker for supply of 10,000 tonnes of LNG to bunker ships in Ust-Luga
15:46 "Zykh" Ship Repair and Construction Yard completes the overhaul of the dry-cargo ship for ASCO
14:59 Nuclear-powered icebreaker Ural of Project 22220 commenced operation in the Kara Sea
14:25 Port of Baku signed MoU connecting Chinese and European hubs
14:13 Council of the EU issues conclusions on the "Ongoing development of inland waterway transport"
14:03 Optimarin highlights how to navigate the challenges of BWTS retrofits
13:30 Magdalena Bosson becomes the new CEO of Ports of Stockholm’s
13:02 ICTSI delivers the largest port equipment in Papua New Guinea
13:01 AEON to build methanol plant with annual capacity of 1 million tonnes by 2026
12:40 Wartsila Cargo Handling and Fuel Supply Systems selected for world’s largest LPG/Midsize gas carriers
12:13 TotalEnergies becomes the eighth partner of the Castor Initiative
12:12 Ice conditions of mild winder type expected in the Gulf of Finland this navigation season
11:40 ASCO’s dry-cargo ship Huseyn Javid resumes operation after major overhaul
10:54 EU agrees on level of price cap for oil from Russia
10:38 Ships certified by RINA and Bureau Veritas to be accepted for operation in navigation season 2022-2023
10:35 UK bans import of Russian oil and oil products from 5 December and introduces oil price cap guidance
09:41 EMA and the Maritime and Port Authority of Singapore invite interested parties to submit proposals to build, own and operate low or zero-carbon power generation and bunkering solutions in Jurong Island
09:29 Throughput of Eisk seaport totaled 3.77 million tonnes

2022 December 4

15:12 Global energy major joins The Castor Initiative - LR
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2022 December 3

15:49 Schedule reliability continues on its upwards trend - Sea-Intelligence
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11:18 Trinidad and Tobago targets 4 Mtpa green hydrogen by 2065
09:34 SITC accepts delivery of M/V “SITC CHENMING”

2022 December 2

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18:07 e1 Marine, NAVTEK partner to develop hydrogen-powered car carrier vessel - H2 View
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17:00 Nuclear-powered icebreaker Ural of Project 22220 leaves Murmansk for the first operational voyage
16:52 The ports in Szczecin and Swinoujscie cargo transshipments up by 9.4 percent in Jan-Nov 2022
16:24 GTT receives two orders from Samsung Heavy Industries for the tank design of seven new LNG сarriers
15:53 15 empty containers at Keppel Terminal in the port of Singapore fall into the water due to squall 
15:46 Krasnoye Sormovo may be contracted for building river/sea class ships for Belarussian companies
15:29 Hyundai Heavy Industries Group to present 'ocean transformation' plans at CES 2023
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14:58 Deal to resume Russian ammonia exports via Ukraine close – Reuters
14:24 Freeport LNG delays restart target to end of year amid US regulatory hurdles - S&P Global
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12:56 Aker BP’s Board approves field development projects
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11:52 Indian port operator orders three Generation 6 Konecranes Gottwald Mobile Harbor Cranes to electrify bulk handling
11:35 LR authorised to carry out certification activities for non-SOLAS ships in Italy
11:26 A batch of reefer containers delivered to Vladivostok Sea Fishing Port
11:03 Singapore and Netherlands accept IMO Convention amendments
10:58 Accelleron launches new all-inclusive service agreement for auxiliary engine turbochargers
10:35 Sempra announces sale and purchase agreement with INEOS for Port Arthur LNG Phase 1
09:44 Winter-spring navigation season begins on the Northern Sea Route
09:40 NYK concludes investment and strategic partnership agreements with Pertamina
09:15 Rosmorport receives new certificate of conformity of Novorossiysk VTS