Hyundai Merchant Marine carried 55 percent more cargo in January than it did a year earlier between Asia and U.S. West Coast ports.
Source: Sheila Fitzgerald/Shutterstock
HMM held a 7.5 percent market share on the transpacific trade in January.
South Korean ocean carrier Hyundai Merchant Marine (HMM) said that in the wake of the Hanjin Shipping bankruptcy, its share of the Asia-U.S. West Coast trade jumped from 4.9 percent in January 2016 to 7.5 percent in January 2017.
HMM said PIERS data showed it carried 14,899 TEUs last month on the Asia-U.S. West Coast trade compared with 9,594 TEUs in January 2016, a 55 percent increase.
“Our volume and market share have gradually increased since Hanjin Shipping’s receivership,” HMM said, adding how the recent upgrading of its debt by Moody’s “helps to rebuild trust with customers.”
Meanwhile, Hanjin had carried 15,017 TEUs on the Asia-U.S. West Coast trade in January 2016, having a 7.6 percent market share on the trade. However, the company has not been operating since last fall when it filed for bankruptcy protection.
On Feb. 2, the Seoul Central District Court announced the decision to end the rehabilitation procedure of Hanjin, and this Friday, the court is expected to file a “bankruptcy sentence” for Hanjin.
According to a notice on Hanjin’s website, the court found “liquidation value continues to be higher than its enterprise value.” The notice also said, “After the bankruptcy sentence is filed, a bankruptcy foundation is established , a bankruptcy trustee is appointed, and the remaining assets of Hanjin Shipping are sold in accordance with procedures and regulations established under the permission of the court, led by the bankruptcy trustee. Debt repayment for creditors will be under way.”
London-based VesselsValue said in a press release Wednesday that it estimates the value of 42 ships in Hanjin’s fleet at $986 million: 29 containerships with an aggregate capacity of 230,168 TEUs at $755 million; 12 bulkers with an aggregate capacity of 1.5 million DWT at $225 million, and one 10,400 DWT small bulker at $6 million.