South Korean shipping major Hyundai Merchant Marine (HMM) is planning to keep its new Asia-US route as a regular weekly service, according to Reuters.
The route was initially taken over in an effort to decrease the effects of Hanjin Shipping’s filing for court receivership at the end of August.
Starting from October 14, the company will reportedly deploy five containerships with capacities between 4,000 and 6,000 TEUs on the Shanghai – Los Angeles shipping route via South Korean ports.
Last month, the Korean Financial Services Commission (FSC) said that HMM would deploy more than 13 vessels on Hanjin Shipping’s America and Europe loops to minimize disorder in cargo delivery and damage to shippers.
Due to a prolonged depression in the shipping market, Hanjin Shipping opted for the filing after losing support of its banks in South Korea.
The company’s move left some USD 14 billion worth of cargo stranded aboard vessels.