South Korean shipping company Hyundai Merchant Marine Co. (HMM) is about to launch a new Korea-Vietnam-Cambodia direct service under the name ‘China-Thailand-Express (CTX )’ as the company targets to enhance its market power in the intra-Asia.
The CTX service will connect Tianjin, Busan, Gwayang, Shangai, Hochiminh, Sihanoukville, Laem Chabang and Manila. It turns 3 weeks using four 2,200 TEU boxships: Hyundai Bridge, Hyundai Future, Hyundai Highway and Hyundai Vladivostok. Starting its first service on 10 March at Hyundai Pusan New Port Terminal, Hyundai Vladivostok will return to Sun-kwang Newport Container Terminal in Incheon on 31 March.
It will take 6 days from Busan to Hochiminh and 10 to Laem Chabang. From Busan to Sihanoukville, it will take 8 days, the company said.
Due to its financial difficulties, the company is trying to improve the deteriorating situation by considering sale of its tanker fleet and liquidating some of its non-core assets. According to Drewry, after releasing HMM’s full-year 2015 financial results, the company will report 5 consecutive years of operating losses. As Drewry claims, a merger with its Hanjin Shipping would be one of the possibilities of HMM’s survival in the market.