Hyundai Merchant Marine Co.'s cargo processing at the Busan Port, the largest sea gateway in the country, increased 72 percent last month from a year ago, helped by its shipping alliances, the company said Thursday.
Hyundai Merchant processed 15,332 twenty-foot equivalent units of cargo through the port, 453 kilometers southeast of Seoul, in April, the second-largest volume after Maersk. The total includes 81,000 TEUs of imports and exports, an increase of 68 percent on-year, and 68,000 TEUs of transit cargo, up 77 percent, according to the shipping firm.
(Yonhap)
Cargo handling for routes to and from China and the United States grew the most, while those on Japan, Vietnam and India routes also increased. The company had aimed to handle 1.5 million TEUs at the Busan Port this year. Officials said they expect to do much better than the goal.
The company attributed the performance to its global shipping alliance with Maersk and the Mediterranean Shipping Company, struck in December last year. The consortium formed in March with local rivals Sinokor Marchang Marine Co. and Heung-A Shipping Co. also helped, it said.
Hyundai Merchant, once threatened by financial troubles last year, had reached a deal with its creditors on a self-restructuring plan that included debt-for-equity swaps. Last week, the company said its operating loss for the first quarter this year narrowed from the previous quarter with a 7 percent on-year increase in sales.
"We thank the local and overseas shippers that have actively helped us over the past five to six months," the company CEO Yoo Chang-keun said. "Every one of us at the company feel a deep responsibility as an international shipping company, and we will respond with the best service." (Yonhap)
