According to Korean media, although the U.S. economy is recovering substantially and the global trade volume is on the rise, the fleet in China, Europe and Japan dominate the market by expanding their scale. However, the fleet of South Korean vessels has halved its capacity on North American routes.(welding overlay,flange,pipe spooling)
According to the latest data released by Piercraft, a global shipping research company, in 2017, Hyundai Merchant Shipping accounted for 5.47% of the North American routes. In 2015, Hanjin Shipping and Hyundai Merchant Shipping, the two South Korean shipping companies, shared about 11% of North American shipping market share before Hanjin Shipping went bankrupt. Among them, Hanjin Shipping accounted for about 7% and Hyundai Merchant Shipping accounted for 4.7%.
However, after Hanjin Shipping bankruptcy liquidation, Hyundai's market share in the first half of 2017 dropped by nearly half. After Hanjin Shipping exited the market, Hyundai Merchant Marine took over 0.8% of Hanjin Shipping's original 7% market share.(welding overlay,flange,pipe spooling)
After Hanjin Shipping's bankruptcy, the company's original shipping trade volume on North American routes was shared by other major global shipping companies. In 2017, COSCO's market share was 10.2%, up from 8.6% in 2016. In addition, the market share of CMA CGM has increased by 1.4%, OOCL increased by 1.1%, the number of merchant MITSUI increased by 0.5% and that of Nippon Yusen by 0.5%.
Among them, ONE, the new shipping company launched by Japan's three major shipping companies in 2018, is expected to further weaken the shipping market of South Korean shipping companies. A shipping official said that "Northeast Asia shipping companies are expected to share a piece of pie left by Hanjin Shipping." The expansion of the shipping companies in China and Japan is taking up shipments to South Korean shipping companies. The official said: "Despite the downturn in the shipping industry in South Korea, shipping companies in China and Japan are taking over the North American route business, which is dominated by South Korean shipping companies."(welding overlay,flange,pipe spooling)