[KOREAN ECONOMIC NEWS] Good morning everyone I am  Rumi Dhar from Kama Group.
Here I have important KOREAN economic news to share with you which is as mentioned
below.

HMM Co., South Korea's leading container shipper, said Monday it has decided to temporarily
suspend two Far East shipping routes in the wake of Russia's invasion of Ukraine.

The decision affects HMM's shipping routes between South Korea's southeastern port of Busan
and Russia's Far East ports of Vostochny and Vladivostok.

"The temporary suspension of bookings for the routes is inevitable as the war between
Russia and Ukraine has sent cargo volume tumbling," HMM said. "We will push to resume
service depending on market conditions."

The company, however, added that the move is unrelated to global economic sanctions on
Russia for its attack on Ukraine.

HMM had been operating one 1,700 twenty-foot equivalent unit (TEU) container carrier
between Busan, South Korea's largest port, and Vostochny. HMM also used a same-size
container ship run by another shipping firm on the route to Vladivostok.

The suspension is widely expected to have little impact on HMM as its global tonnage
amounts to 820,000 TEUs.

Industry watchers said HMM's decision may force the Korea Marine Transport Co. and other
South Korean shipping companies to follow suit, which could impact South Korean exporters
negatively.




Read more at: http://www.koreaherald.com/view.php?ud=20220314000504&np=1&mp=1

Kama Group
New Delhi
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