Tuesday, September 22, 2009

Korean Lines Cooperate On Pacific Routes

Hyundai and Hanjin Announce Joint Venture
Shipping News Feature

SOUTH KOREA – Hanjin Shipping and Hyundai Merchant Marine announced yesterday that they have agreed to share cargo slots on a trans Pacific loop on routes to which each carrier currently dedicates eight ships.

Hanjin’s AWN (All Water North Atlantic) Service deploys eight vessels with a capacity of 4,300 20-foot equivalent units each on the following port rotation: Kaohsiung, Kantian, and Shanghai, Bussan, Panama, New York, Norfolk, Savannah, Panama and back to Kaohsiung.

Hyundai’s SZX (Suez Express) Service deploys eight 4,000-TEU ships on the following rotation: Singapore, Colombo, Suez, New York, Charleston, Savannah, Norfolk, Suez, Jebel Ali and back to Singapore.

With this slot exchange, Hanjin Shipping will be able to expand its presence in Singapore/Colombo – U.S. East Coast trade while Hyundai, in Shanghai/Busan – U.S. East Coast trade.

Hanjin have also announced they will be launching new services covering India and the Middle and Far East from November. These services will be in cooperation with both Hanjin and other Korean carriers including KTMC, STX Pan Ocean and Sinokor.

The two new services Far East India Express (FIX) and Far East Middle East Express (FMX) will replace existing services. Trade with the subcontinent has risen steadily since the Comprehensive Economic Partnership Agreement (CEPA) was signed between India and Korea last month.