Hyundai Merchant Marine forms new intra-Asia shipping alliance

Hyundai Merchant Marine forms new intra-Asia shipping alliance

Jan 4, 2017: Hyundai Merchant Marine, a major South Korean shipping line, has forged an alliance with two local rivals, a move which is aimed at overcoming the current downturn.

Under the strategic alliance, the three firms will create a joint consortium, named HMM+K2, that will allow the shipping firms to share ships under a code-sharing scheme, as well as separate assets, ranging from containers to storage, they said.

A memorandum of understanding for cooperation was signed on January 3 while an official contract is expected to be inked next month before the consortium sets sail in March, they added.

The two other shipping firms are Sinokor Merchant Marine Co., which specializes in shipments between South Korea and China, and Heung-A Shipping Co., which has a well established shipping line to and from Japan.

Under the local alliance, Hyundai Merchant can freely use the shipping lines to China and Japan currently owned by its two new partners, while the alliance is expected to allow the two smaller shipping lines to improve the overall quality of their services.

The three companies are also expected to jointly develop new shipping lines to other countries.

Hyundai Merchant’s new alliance with the two local firms also came less than a month after it forged a partnership with 2M Alliance, the world’s largest shipping association, under which the South Korean firm and other 2M members will share and exchange vessel space.

The company said any additional vessel space secured under its partnership with the international alliance will not be subject to cooperation under its latest local alliance.

Related Posts

Turkish Cargo bags Ghana Shippers' 2017 Air Cargo Carrier of the Year award

Turkish Cargo bags Ghana Shipp ...

Jul 22, 2017: Turkish Cargo has been awarded the 'Air Cargo Carrier of the Year' by the Ghana Shippers Awards. "On year ...

New structure of Ethiopian Airlines Group to enhance customer experience

New structure of Ethiopian Air ...

Jul 22, 2017: Ethiopian Airlines Group has informed that the Ethiopian Government has decided to establish a new Aviation Holding ...

Turkish Cargo to carry fresh fish on Bodrum-Kuwait route

Turkish Cargo to carry fresh f ...

Jul 21, 2017: Turkish Cargo has added a new service point to its network for transporting fresh fish shipments.  With the aim ...

African fruit producers and exporters come together to launch AFFRUIBANA

African fruit producers and ex ...

Jul 21, 2017: AFRUIBANA, an association of fruit producers and exporters from Cameroon, the Ivory Coast and Ghana was officially l ...