South Korea’s Hanjin Shipping is stepping in to fill the void which its compatriot STX PanOcean left behind when it withdrew from two South Korea to Vietnam services.
STX PanOcean’s financial situation had gone bad to worse recently and the carrier had to file for receivership in mid-June. The shipping line’s future is now at stake and STX has begun to close services and to withdraw its vessels from loops operated jointly with partner carriers.
Hanjin meanwhile this month increased its presence on two intra-Asia services, on which STX used to be a vessel provider but from which STX was recently forced to withdraw.
Hanjin is to become the sole vessel provider on the South Korea to (South) Vietnam service ‘NHS’, where it used to co-operate with STX. So far, Hanjin provided two of the loop’s three ships and STX one. This week, STX is to withdraw its only vessel, the 1,732 teu STX DALIAN, which will be replaced by the 2,553 teu HANJIN PORT ADELAIDE. Following the vessel change, the ‘NHS’ will be a Hanjin standalone loop, with (port-pair limited) slot participation from OOCL, Heung-A and Sinokor.
The ‘NHS’ continues to turn: Busan, Kwangyang, Hong Kong, Ho Chi Minh City, Singapore, Tanjung Pelepas, Ho Chi Minh City, Hong Kong, Busan.
On the Korea to Thailand and Vietnam service ‘NTS’, the operator group will consolidate from three to two, as STX leaves. So far, Hanjin, KMTC and STX each contributed one unit to the service’s three-strong fleet. STX had already withdrawn its single ship, the 1,645 teu HANSA CALYPSO and returned the vessel to its owners. Hanjin now fills the void with its 1,703 teu HANJIN SAO PAULO and henceforth provides two thirds of the ‘NTS’ vessel line-up. Sinokor has a slot participation on this loop, which appears to continue unaffected by STX departure.
The ‘NTS’ continues to turn: Busan, Kwangyang, Shanghai, Hong Kong, Laem Chabang, Bangkok, Laem Chabang, Ho Chi Minh City, Busan.
Further changes of operator and tonnage deployment are expected across STX’s service network, as the shipping line’s activities are being wound down.