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HMM sheds 24pc of box shipping capacity due to Maersk, MSC deal

SDI Logistics Co.,Ltd | Updated: Jan 24, 2018

HYUNDAI Merchant Marine's (HMM) arrangement to collaborate with the 2M vessel sharing agreement (VSA) partnersMaersk Line and MSC has come at a high price for the South Korean shipping line, according to figures compiled by Alphaliner.

Last year's main gainer was Maersk, whose capacity increased 26.8 per cent to 1.8 million TEU year on year because of its acquisition of Hamburg Sud.

And the agreement reached with Maersk and MSC has resulted in a sharp fleet reduction for HMM.

While the total container shipping capacity operated by the top 15 carriers worldwide expanded by 12.6 per cent in 2017, the capacity operated by HMM dropped by 23.9 per cent from 456,000 TEU in 2017 to 347,000 TEU at the beginning of 2018.

"The reduction was due mainly the withdrawal of numerous HMM ships from the Asia-Europe and Asia-east coast of North America routes. The ships were chartered out to Maersk and MSC under a strategic cooperation agreement, known as 2M+HMM that took effect last April," reported Singapore's Splash 24/7.

HMM sub-let three 13,092 TEU ships and six 10,081 TEU ships to Maersk and MSC, and a further two 8,566-TEU ships to Zim.

According to comments made by HMM's chief executive CK Yoo at the start of this year, the company is planning to double its vessel capacity by 2022.