Regaining Market Share
Hyundai Merchant Marine Co. (HMM) saw its container volumes for the Asia-U.S. route rapidly increase in April after it formed a new tie-up, called 2M+H Strategic Cooperation, with Maersk Line and Mediterranean Shipping Co. (MSC), the world’s largest and second largest shipping lines.
According to global maritime trade data service provider Piers on May 31, the company’s weekly average cargo volume on the Asia to U.S. West Coast services in April stood at 13,186 TEUs, up a whopping 73 percent from the same period a year earlier. The company had risen to 5th in terms of market share from 11th at the previous year. Maersk ranked 6th, while MSC came in 8th.
HMM’s cargo volume on the U.S. West Coast to Asia services amounted to 7,336 TEUs, showing a 68 percent increase on-year. Its total handling volume on the Asia to entire U.S. services, including West and East Coast, also grew 67 percent to 17,932 TEUs.
HMM’s growth in cargo volumes was largely due to the 2M+H Strategic Cooperation which started service last month. HMM has increased its vessel spaces on the Asia to U.S. West Coast service by nearly 50 percent compared to that of the G6, an alliance the company previously joined. In addition, HMM increased its independently operating services from two to three.