HMM, Local Carriers Ink Deal to Form Alliance

South Korean container carrier Hyundai Merchant Marine (HMM) has finalized an agreement to form a consortium with its compatriots Heung-A Shipping and Sinokor Merchant Marine, according to Yonhap News Agency.

On January 3 the parties entered into a Memorandum of Understanding (MOU) to join forces in the HMM + K2 consortium, scheduled to start operating from March 1.

HMM earlier informed that the new consortium with the two Korea Intra Asia trade carriers will cover Japan, China and South East/West Asia trades.

The parties, opted for the move in an effort to “acquire competitiveness against mega shippers,” also agreed to jointly develop new shipping lines to other countries starting in May.

The consortium, which includes vessel sharing, slot exchange and slot purchase, plans to develop cooperation levels to include joint investment in port infrastructure and share container equipment for the medium and long term.

The deal will be effective for two years, after which it will be automatically renewed for successive two year terms.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

The 5th CWC China LNG & Gas International Summit

Gain Access to Global LNG & Gas Decision Makers in China

Take a peek inside our 2019 Introductory Brochure and stay on top of this rapidly developing market.

See who is already working with us this year as Speakers, Sponsors and Partners – download your Preview Brochure today and meet them in Beijing on 15-16 October 2019.

As the world’s second largest LNG importer, China will remain the biggest contributor to global LNG demand growth in the foreseeable future. Network with global LNG & gas decision makers, buyers, NOCs and Government Officials at the industry’s leading international event in China.

More info

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >

OEE Conference & Exhibition 2019

OEE2019 is organised by Ocean Energy Europe, the industry association representing ocean energy in Europe.

read more >

Defence Safety Conference 2019

The Defence Safety Conference returns to London this October as the only event solely dedicated to enhancing safety across all aspects of defence.

read more >