Hyundai Merchant Marine (HMM) has announced that its cargo processing at Busan Port, the largest sea gateway in Korea, has hit a new record.
HMM reports that they handled 167,018 TEUs through the port in July, increasing by 93 percent year-over-year. HMM previously set a record handling over 150 thousand TEUs in Busan Port in April and successfully set a new record recently handling over 160 thousand TEUs after just three months.
Processed cargo during the first seven months of the year reached 1.01 million TEUs, which is HMM’s first million TEU record in Busan Port this year. Greater than last year’s 1.16 million TEUs, HMM expects to overwrite last year’s annual record within August.
The company says the the performance is attributed to the high season’s strong market of China and South East Asia and its global shipping alliance with 2M (Maersk and the Mediterranean Shipping Company) and HMM + K2 (Sinokor Merchant Marine Co. and Heung-A Shipping Co.) consortium. Acquisition of overseas terminal assets also played a role in regaining the trust of foreign cargo owners.
An HMM official said, “with this speed, we expect to handle more than 1.8 million TEU in Busan Port this year, exceeding the aim of 1.5 million TEUs that we announced earlier this year,” and that “we will do our best to grow further as Korea’s national carrier and contribute to rebuilding Korea’s maritime business.”