HMM establishes new service to strengthen networks with emerging markets

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HMM establishes new service to strengthen networks with emerging markets

Published: 27 Jun. 2023, 15:59

HMM's newly established FIM (Far East, India and the Mediterranean Sea) container service [HMM]

Shipping company HMM established a new container service connecting the Far East, India and the Mediterranean Sea in a move to expand its container routes and strengthen its network with emerging markets, particularly India.

The route will be operated exclusively by HMM, aiming to facilitate smooth transportation links among several significant ports. The ports involved in this project include Busan, Shanghai in China, Singapore, Kattupalli in India, Jeddah in Saudi Arabia, Damietta in Egypt, Piraeus in Greece, and Barcelona in Spain.

HMM plans to deploy 11,000 twenty-foot equivalent unit (TEU) container vessels on the route. The inaugural departure is scheduled for Aug. 6, from Busan. The round trip covering the trading hubs is estimated to take approximately 84 days.

"The Indian market has been enjoying a period of prosperity with an impressive average annual growth rate of over 7 percent, the highest in the world, attracting heightened interest in the global economy," a spokesperson from HMM said. "In addition to our current container routes centered around the United States and Europe, we will enhance our network by expanding services to emerging markets like India, aiming to strengthen our network."

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]