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Hyundai scales back bid for Hanjin stranded cargo, but Maersk ups ante

TRANSPACIFIC spot rates returned to negative growth shipping lines put on loaders to pick up stranded Hanjin cargo left in the lurch by the Korean firm's bankruptcy proceedings.

Hyundai scales back bid for Hanjin stranded cargo, but Maersk ups ante

TRANSPACIFIC spot rates returned to negative growth shipping lines put on loaders to pick up stranded Hanjin cargo left in the lurch by the Korean firm's bankruptcy proceedings.

Hyundai scales back bid for Hanjin stranded cargo, but Maersk ups ante
03 October 2016 - 21:58

Hyundai scales back bid for Hanjin stranded cargo, but Maersk ups ante
TRANSPACIFIC spot rates returned to negative growth shipping lines put on loaders to pick up stranded Hanjin cargo left in the lurch by the Korean firm's bankruptcy proceedings.
"The retraction is due to weak market demand," Alphaliner said in its most recent weekly newsletter.
Hyundai Merchant Marine (HMM) was the first to reduce the deployment of extra loaders, but Maersk continued to add vessels in what appeared to be a bid to claim Hanjin market share permanently.
HMM's decision to scale back its deployment of extra ships from 13 to one reflects weak demand on the lane where spot rates have levelled off after a sharp spike in the immediate aftermath of Hanjin's failure, said IHS Media. 
HMM is deploying an extra ship on the Asia-Europe lane, according to maritime analyst Alphaliner.
HMM, among others, did step up to fill the service gap after Hanjin filed for court receivership in South Korea. Hanjin carried 419,418 TEU, or 7.54 per cent of Asia - US west coast cargo during the first half of this year, according to PIERS.
HMM agreed to provide 13 replacement ships to substitute vessels affected by the filing. After four sailings this month, HMM has also scaled down its programme of Far East-US west coast extra loaders, and no more sailings are planned for October.

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