A chart constructed with data from BlueWater Reporting shows Hanjin Shipping’s impact on several prominent trades out of Asia, as several carriers are swooping in to launch new services, filling the void of the insolvent Hanjin.
The chart below illustrates what Hanjin Shipping’s market share has most recently been on various prominent trades out of Asia, prior to the carrier filing for court receivership last week.
Source: BlueWater Reporting
Hanjin Shipping, which is South Korea’s largest container carrier, followed by Hyundai Merchant Marine (HMM), has been comprising 17.79 percent of the market share on the Korea to North America trade, 15.83 percent on the Korea to North Europe trade, 11.57 percent on the Korea to Mediterranean trade, and 18.84 percent on the Korea to Indian Subcontinent trade, according to data from BlueWater Reporting’s Carrier/Trade Route Deployment Report.
From Asia in general, Hanjin Shipping has been making up 8.37 percent of the market share from Asia to North America, 5 percent from Asia to North Europe, 7.66 percent from Asia to the Mediterranean, and 4.86 percent from Asia to the Indian Subcontinent.
In reaction to Hanjin’s insolvency, several ocean carriers have announced new services, with 2M Alliance members Maersk Line and MSC beefing up their presence on the transpacific trade; HMM adding a new transpacific service and an Asia-Europe service; and HMM joining fellow South Korean carriers Korea Marine Transport, Sinokor Merchant Marine and Heung-A Shipping to form a new vessel sharing agreement on the intra-Asia trade, dubbed the “Mini Alliance.”
On Tuesday, Judge John K. Sherwood of the U.S. Bankruptcy Court in Newark, N.J. granted Hanjin Shipping’s request to have its rehabilitation in bankruptcy court in Korea recognized under the U.S. bankruptcy code.
The order was granted on an interim basis, and on Friday, the judge will hear arguments to ensure creditors receive adequate protection.