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Blog Archives

HMM eyeing reunion with Hyundai LNG Shipping

HMM is reportedly attempting to buy back the liquefied natural gas (LNG) shipping unit that South Korea’s flagship carrier divested back in 2014 when it began facing financial troubles.

The LNG shipping unit was sold to South Korean private equity firms IMM Private Equity and IMM Investment for US$375 million and renamed Hyundai LNG Shipping. In mid-2016, HMM came under the control of state policy lender Korea Development Bank after a debt-for-equity swap.

Amid the current LNG shipping boom, IMM now wants to cash out of its investment.

HMM, now with sufficient cash after the Covid-19-fuelled container shipping boom, has apparently expressed interest in acquiring Hyundai LNG, which has long-term shipping contracts with South Korea’s state-controlled LNG importer and terminal operator Korea Gas Corporation.

Following its separation from HMM, Hyundai LNG also diversified into liquefied petroleum gas (LPG) shipping, counting South Korea’s second largest LPG importer E1 Corporation as a customer. Hyundai LNG now owns 16 LNG carriers and six very large gas carriers.

In March, IMM invited tenders to acquire Hyundai LNG and at least 20 interested parties from the US, UK, Greece and Denmark have submitted bids. HMM, which has made known its intention to expand its bulk carrier and oil tanker fleets, is believed to have expressed its interest in taking Hyundai LNG back into its fold early this month.

In July 2022, HMM detailed a five-year strategy involving investing US$11.4 billion to grow its fleet. In addition, KDB and Korea Ocean Business Corporation, now HMM’s largest shareholders, have begun seeking buyers to offload their interest in the company.

South Korean media reports claim that IMM may be pressed to sell back Hyundai LNG to HMM, due to concerns of foreign interests controlling LNG flows to the country.

An HMM spokesperson told Container News that the company had not made a specific decision about acquiring Hyundai LNG.

News of HMM’s intention to re-enter the LNG segment coincides with reports that the company has acquired a medium-range products tanker, Petronia Pacific, from Singapore-based Pacific Carriers, for US$43 million.

Source: Container News

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Box lines continue to reap record profits, HMM reports US$4.6 billion earnings in 2022 H1

Container carriers continue to achieve record financial results in the post-Covid era with HMM announcing outstanding revenue and profits this time.

The South Korean box line achieved a net profit of US$4.6 billion in the first half of the year, reporting an outstanding 1,560% increase compared to the first six months of 2021.

HMM’s revenue also increased by 87% to US$7.6 billion, while operating profit rose 153% to US$4.6 billion in the first half of 2022. At the same time, the operating margin increased to 61% from 45% in H1 2021.

The company said the main reasons for its increased earnings were continuing high freight rates and efficient fleet operations

Additionally, HMM noted that the financial structure remained strong with its debt-to-equity ratio improved to 46% in June 2022, from 73% in December 2021.

The global supply chain is forecast to remain strained in the coming months, according to HMM, which, however, said  that “demand growth is expected to be under downward pressure due to considerable uncertainties mainly related to widespread inflation, rising oil prices and recurrent coronavirus situation, in addition to geopolitical tensions.”

HMM added, “Port congestion in major locations is still pervasive. In particular, growing concern about the logistics situation in North Europe is a major factor that will affect the supply chain.”

In July, the Seoul-headquartered container carrier unveiled a medium to long-term strategy to become a top-rated global shipping and logistics company.

Source: Container News

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THE Alliance unveils updated service network for 2022

THE Alliance, comprising Hapag-Lloyd, Ocean Network Express (ONE), Yang Ming and HMM, has announced an updated service setup, which will be effective from spring 2022.

Among several modifications, a key change will be de-linking the FP2 pendulum loop into two separate services, namely FE5: South East Asia to Europe and PS7: South East Asia and South China to Transpacific West Coast.

Another important update is the introduction of a modern series of fuel-efficient 11,000 TEU vessels, which will replace older and smaller container ships on the most frequented services.

“This reflects THE Alliance’s continued commitment to lower carbon footprints,” said the alliance partners in a joint statement.

The service network of THE Alliance for 2022 will have the following rotations:

Asia and North Europe

  • FP1 remains as pendulum of Asia – Europe and Asia – Transpacific West Coast trades

Rotation: TPWC – Tokyo – Shimizu – Kobe – Nagoya – Tokyo – Singapore – (Suez) – Rotterdam – Hamburg – Le Havre – (Suez) – Singapore – Kobe – Nagoya – Tokyo – TPWC

  • FE2

Rotation: Shanghai – Ningbo – South PRC – South PRC – Singapore – (Suez) – Tangier – Southampton – Le Havre – Hamburg – Rotterdam – (Suez) – Singapore – Shanghai

  • FE3

Rotation: South PRC – Xiamen – Kaohsiung – South PRC – (Suez) – Rotterdam – Hamburg – Antwerp – Southampton – (Suez) – Singapore – South PRC – South PRC

  • FE4

Rotation: Qingdao – Pusan – Ningbo – Shanghai – South PRC – (Suez) – Algeciras – Rotterdam – Hamburg – Antwerp – (Algeciras) – Tangier – (Suez) – Singapore – Qingdao

  • FE5 (New)

Rotation: Laem Chabang – Cai Mep – Singapore – Colombo – (Suez) – Rotterdam – Hamburg – Antwerp – London Gateway – (Suez) – Jeddah – Singapore – Laem Chabang

Asia and the Mediterranean

  • MD1

Rotation: Qingdao – Pusan – Shanghai – Ningbo – South PRC – Singapore – Jeddah – (Suez) – Damietta – Barcelona – Valencia – Genoa – Damietta – (Suez) – Jeddah – Singapore – South PRC – Qingdao

  • MD2

Rotation: Pusan – Shanghai– Ningbo – Kaohsiung – South PRC – Singapore – (Suez) – Piraeus – Genoa – La Spezia – Fos – Barcelona – Piraeus – (Suez) – Singapore – South PRC – Pusan

  • MD3

Rotation: Pusan – Ningbo – Shanghai – South PRC – Singapore – Jeddah – (Suez) – Ashdod – Istanbul – Izmit – Aliaga – Mersin – (Suez) – Jeddah – Singapore – Kaohsiung – Pusan

Transpacific – West Coast

  • FP1 remains as Pendulum of Asia – Europe and Asia – Transpacific West Coast trades

Rotation: Europe – Singapore – Kobe – Nagoya – Tokyo – Los Angeles/Long Beach – Oakland – Tokyo – Shimizu – Kobe – Nagoya – Tokyo – Singapore – Europe

  • PS3 remains as Pendulum of Asia – Indian subcontinent and Asia – Transpacific West Coast trades

Rotation: Nhava Sheva – Pipavav – Colombo – Port Kelang – Singapore – Cai Mep – Haiphong – South PRC – Los Angeles/Long Beach – Oakland – Pusan – Shanghai – Ningbo – South PRC – Singapore – Port Kelang – Nhava Sheva

  • PS4

Rotation: Xiamen – South PRC – Kaohsiung – Keelung – Los Angeles/Long Beach – Oakland – Keelung – Kaohsiung – Xiamen

  • PS5

Rotation: Ningbo – Shanghai – Los Angeles/Long Beach – Oakland – Tokyo – Ningbo

  • PS6

Rotation: Qingdao – Ningbo – Pusan – Los Angeles/Long Beach – Oakland – Kobe – Qingdao

  • PS7 (New)

Rotation: Singapore – Laem Chabang – Cai Mep – South PRC  – South PRC – Los Angeles/Long Beach – Oakland – South PRC – Singapore

  • PS8

Rotation: Shanghai – Kwangyang – Pusan – Los Angeles/Long Beach – Oakland – Pusan – Kwangyang – Incheon – Shanghai

  • PN1

Rotation: Xiamen – Kaohsiung – Ningbo – Nagoya – Tokyo – Tacoma – Vancouver – Tokyo – Kobe – Nagoya – Xiamen

  • PN2

Rotation: Singapore – Laem Chabang – Cai Mep – Haiphong – South PRC – Tacoma – Vancouver – Tokyo – Kobe – Singapore

  • PN3

Rotation: South PRC – South PRC – Shanghai – Pusan – Vancouver – Seattle/Tacoma – Pusan – Kaohsiung – South PRC

  • PN4

Rotation: Qingdao – Ningbo – Shanghai – Pusan – Prince Rupert – Tacoma – Vancouver – Pusan – Kwangyang – Qingdao

Transpacific – East Coast (via Panama and Suez Canals)

  • EC1

Rotation: Kaohsiung – South PRC – South PRC – Shanghai – Pusan – (Panama) – Manzanillo – Savannah – Charleston – Norfolk – Manzanillo – (Panama) – Rodman – Kaohsiung

  • EC2

Rotation: Qingdao – Ningbo – Shanghai – Pusan – (Panama) – Cartagena – New York – Norfolk – Wilmington – Savannah – Charleston – Cartagena – (Panama) – Pusan – Qingdao

  • EC4

Rotation: Kaohsiung –South PRC – Cai Mep – Singapore – (Suez) – New York – Norfolk – Savannah – Charleston – New York – (Suez) – Singapore – Kaohsiung

  • EC5

Rotation: Laem Chabang – Cai Mep – Singapore – Colombo – (Suez) – Halifax – New York – Savannah – Jacksonville – Norfolk – Halifax – (Suez) – Jebel Ali – Singapore – Laem Chabang

  • EC6

Rotation: Kaohsiung – South PRC – South PRC – Ningbo – Shanghai – Pusan – (Panama) – Houston – Mobile – (Panama) – Kaohsiung

Asia and the Middle East / Red Sea

  • AG2

Rotation: Shanghai – Ningbo – Xiamen – South PRC – Port Kelang – Jebel Ali – Hamad – Umm Qasr – Hamad– Jebel Ali – Singapore – Shanghai

  • AG3

Rotation: Pusan – Qingdao – Shanghai – Ningbo – Kaohsiung – South PRC – Singapore – Jebel Ali – Dammam – Hamad – Jubail – Abu Dhabi – Sohar – Port Kelang – Singapore – South PRC – Pusan

  • AR1

Rotation: Pusan – Shanghai – Ningbo – South PRC – Singapore – Port Kelang – Jeddah – Aqaba – Sokhna – Jeddah – Singapore – Pusan

Trans-Atlantic

  • AL2

Rotation: Southampton – Le Havre – Rotterdam – Hamburg – New York – Norfolk – Philadelphia – New York – Southampton

  • AL3

Rotation: Antwerp – Hamburg – London Gateway – Charleston – Savannah – Norfolk – Antwerp

  • AL4

Rotation: Le Havre – London Gateway – Antwerp – Hamburg – Veracruz – Altamira – Houston – Le Havre

  • AL5

Rotation: Southampton – Le Havre – Rotterdam – Hamburg – Antwerp – Halifax – Port Everglades – Cartagena – (Panama) – Rodman – Los Angeles/Long Beach – Oakland – Seattle/Tacoma – Vancouver – Oakland – Los Angeles/Long Beach – Rodman – (Panama) – Cartagena – Caucedo – Halifax – Southampton

Source: Container News

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THE Alliance to drop Savannah port calls

The Alliance, which comprises Hapag-Lloyd, Yang Ming, Ocean Network Express (ONE) and HMM, has announced it will temporarily remove calls at the Port of Savannah from its East Coast 2 Loop (EC2) service rotation.

“The Port of Savannah continues to face congestions,” pointed out Hapag-Lloyd, which noted that they have taken measures to clear backlogs in some of the ports that are facing severe container logjams.

The change on the EC2 service will start on the 50th week of the year and will be effective for four weeks, until the first week of 2022.

The vessels which will omit the US East Coast port will be the following:

  • ONE Hawk on week 50, 2021
  • Hyundai Honour on week 51, 2021
  • Rome Express on week 52, 2021
  • Antwerpen Express on week 1, 2022

The updated EC2 port rotation will be Qingdao – Ningbo – Shanghai – Pusan – (Panama) – Cartagena – New York – Norfolk – Wilmington – Charleston – Cartagena – (Panama) – Pusan – Qingdao.

Meanwhile, Hapag-Lloyd noted that its services East Coast Loop 1 (EC1), East Coast Loop 4 (EC4) and East Coast Loop 5 (EC5) will continue to call regularly at the Port of Savannah.

With this decision, The Alliance aims to aid its services’ schedule integrity, according to a statement by the German container carrier.

Source: Container News

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Are We on the brink of global container crisis?

According to shipping, port and logistics industry analyst Jon Monroe, we are seeing a flurry of new container services entering the Trans-Pacific route. Two new services from BAL and CU Lines, although small and irregular, will call at Southern California ports from China in the coming weeks. “New shipping lines can be expected, as rates have risen to historically high levels,” he says.

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