October 5, 2016 / 6:36 AM / a year ago

Hyundai Merchant Marine to turn Hanjin substitute route into regular service

SEOUL, Oct 5 (Reuters) - Hyundai Merchant Marine Co Ltd (HMM) said on Wednesday it will turn its new Asia-U.S. route, begun as an alternative for Hanjin Shipping’s services, into a regular weekly service as it hopes for increased market share.

HMM said in a statement it will utilize five container ships of capacities between 4,000-6,000 twenty-foot equivalent units (TEU) in a Shanghai-to-LA shipping route via South Korean ports starting Oct. 14. It said it hopes to increase its market share by strengthening its competitive ability on Asia-U.S. routes.

Hanjin Shipping sought court receivership in late August, stranding $14 billion in cargo and sending waves through global trade networks. (Reporting by Joyce Lee; Editing by Tom Hogue)

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