[Photo provided by Hyundai Merchant Marine Co.]
South Korea’s Hyundai Merchant Marine Co. (HMM) ranked top in the world in terms of schedule reliability once again in October after it had become the most reliable carrier for the first time since its foundation in August.
According to Denmark-based shipping market analysis provider SeaIntel on Sunday, the Korean container carrier topped the list of on-time performance as of the end of October with a score of 82.9 percent for in the on-time schedule operation category, up 6 percentage points higher than the previous month.
It was 8.1 percentage points higher than the average reliability rate of 74.8 percent for global top 18 shippers. Excluding its partners in 2M Alliance, its on-time performance rose to 84.4 percent, demonstrating its top service quality in the world. Its 2M partners including Mediterranean Shipping Co. and Maersk Line ranked third with 80.5 percent and fourth with 80.3 percent, respectively.
An official from HMM said it has made all-out efforts to restore trust of global ship owners and enhance service quality over the past year. Last year, HMM won the Korean government’s support and successfully turned around its business while its rival Hanjin Shipping went under. Since then, HMM has been groomed as Korea’s sea flag carriers by the Korean government as the replacement for now-defunct Hanjin Shipping. It purchased a 20 percent stake in Hanjin Shipping’s terminal in Long Beach, California, and equipment leasing firm Hanjin Shipping TEC plus outstanding debt for a combined $15.6 million from Hanjin Shipping as part of efforts to join the world class container shipping club.
By Moon Ji-woong and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]