The Port of Busan has handled a record volume of cargo from Hyundai Merchant Marine’s (HMM) cargo division, marking another clear sign of recovery since the collapse of the major South Korean ocean carrier Hanjin in 2017.
HMM reported that it processed 1,157,980 TEU at Busan between January and July 2018, an increase of 14.3% compared to the same period in 2017.
The company credited the increase to its service and volume reliability, as well as the launching of its Asia-Europe Express Service (AEX) in April 2018.
Asia-Europe Express Service (AEX) in April 2018.
HMM became South Korea’s biggest container shipping line after Hanjin’s bankruptcy in February 2017, and is currently the 11th biggest in the world, according to data from shipping analyst Alphaliner.
In a statement, HMM said: “Since Hanjin shipping’s collapse, HMM cargo processing at Busan port has hit a new record, exceeding 170,000 TEU/month for May to July consecutive months this year attributed to HMM’s service and volume reliability.
“For this year, we expect to handle more volume than 2 million TEU at Busan port.”