HMM’s Cargo Volume at Busan Harbor Hits Record High

Hyundai Merchant Marine (HMM) is expected to handle more than two million TEUs (One TEU is one six-meter long container) at Busan Port for the first time this year.

HMM said on August 28 that its cargo volume at Busan Port from January to July of this year grew 14.3% to 1,150,798 TEUs from 1,006,933 TEUs in the same period of last year. Its import, export and transshipment volume all climbed. Its import and export volume inflated 14.1% to 608,872 TEUs from 533,592 TEUs in the same period of last year. Its transshipment volume rose 14.5% to 541,926 TEUs from 473,341 TEUs as well.

HMM's cargo volume at Busan Port sharply increased thanks to volume and service stabilization and a new route called the Asia-North Europe AEX service launched in April.

Meanwhile, HMM is going ahead with reacquiring its stake in the 4th Shinhan Quay (HPNT) of Busan Port in order to reduce fees for the use of Busan Port where HMM’s cargo volume has been on the rise lately. In May, the shipping company and the Ministry of Oceans and Fisheries announced that they will jointly operate PSA and HPNT by purchasing equities in HPNT from PSA, a port operator in Singapore with IMM Investments, a privately equity fund.