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HMM Reduces Loss

South Korean container carrier Hyundai Merchant Marine (HMM) reduced its operating loss from USD 222 million in the second quarter of 2016 to USD 111.8 million in Q2 2017.

The company introduced many cost-saving measures and ended the quarter with a total USD revenue increase of 26.4%. Container volume increased by 45.5% to 986,022 TEU. The Intra-Asia trade volume rose by 94.5%.

Container freight rate has risen due to the beginning of peak season in July.

“3Q results will be dramatically improved with our regained trust from all customers and our continuous cost saving efforts. We will do our best to grow further as Korea’s national carrier and contribute to rebuilding Korea’s maritime business,” an HMM official stated.

The total assets, liabilities, interests, and businesses of Dalian Port Container Terminal (DPCT) and Dalian International Container Terminal (DICT) which are two container terminal subsidiaries, were acquired by Dalian Port (PDA) Company Limited.
This transaction means start acting transfer and swap agreements with DPCT’s and DICT’s shareholders, which include Dalian Port, APM Terminals, PSA China, Cosco, NYK and China Shipping.
DPCT and DICT are to be dissolved, as soon as the deal is officially confirmed.

US Ports Expecting for Cargo Overvolume in August​

​As per the ​monthly Global Port Tracker report the import of goods will leap up in August in major US container terminals. The cause of rise and possible delays at ports is considered to be the sales increase of importing goods and this information was confirmed by the National Retail Federation (NRF) and Hackett Associates. 
​August is expected to set up a record of goods import-export turnover of 1.75 million TEU, which is going to be much higher comparing to same period of previous years. Starting from September ports' congestion will start decreasing. The research was made throughout the following ports: Los Angeles/Long Beach, Oakland, Seattle and Tacoma, as well as New York/New Jersey, Hampton Roads, Charleston, Savannah, Port Everglades and Miami, plus Houston.

South Korean Container Carriers Form Partnership

South Korean container carriers have formed a cooperation body named Korea Shipping Partnership with the goal of improving the country’s shipping industry.

South Korea's shipping market has endured difficult times since the collapse of Hanjin Shipping.

By joining forces, the 14 companies, including Hyundai Merchant Marine (HMM), hope to find new opportunities, such as route rationalization, new joint routes, fleet expansion cooperation, partnerships at international terminals, and cutting costs.

According to the Korea Shipowners’ Association, the partnership plans to set operational rules this year and start operating next year.