S. Korea's HMM Algeciras Breaks Vessel Utilization Record with 19,621 TEU

South Korea's HMM Algeciras has reportedly broken the vessel utilization record on its maiden voyage by leaving the Port of Xiamen, China, with 19,621 TEUs on board,

The previous record was set by the MSC Gulsun in July 2019 when it sailed from the Port of Tanjung Pelepas, Malaysia, with 19,574 TEUs.

By the end of the year, there will be 11 more HMM mega-ships with capacities of over 24,000 TEUs.

HMM hopes to lead the "reconstruction" of the country's shipping industry, with mega-ships playing a critical role in doing so.

For much of the new millennium, South Korea's maritime industry had been in decline with its container shipping sector and shipbuilding businesses hampered by the global financial crisis.

HMM reportedly attributed its success with HMM Algeciras to THE Alliance, composed of Hapag-Lloyd, Yang Ming, and Ocean Network Express (ONE), which allowed it to increase the capacity of the ships it builds from around 16,000 TEUs to over 23/24,000 TEUs.

South Korea's mega-ships could open the doors for it to join other Asian maritime powers, such as China and Malaysia.