14 carriers to form Big3-like partnership after Hanjin's bankruptcy
FOURTEEN container shipping companies from South Korea, including Hyundai Merchant Marine (HMM) are to establish the Korea Shipping Partnership (KSP) that will enable the member lines to share cargo capacity, add new routes and jointly manage overseas terminals.
KSP operations are expected to begin in January next year and will involve administrative support from the Korea Shipowners'Association (KSA), reported Fort Lauderdale's Maritime Executive.
Other members of the partnership include Sinokor Merchant Marine, Korea Marine Transport and Heung-A Shipping. HMM had already agreed to form an alliance with Sinokor and Heung-A Shipping at the beginning of the year. Sinokor Merchant Marine focuses on the trade between South Korea and China, and Heung-A Shipping specialises in shipments to and from Japan.
The new partnership follows a similar deal among Japanese shipping lines. In July, "K" Line, MOL and NYK formally established a joint holding company for their container business alliance. The new company, named Ocean Network Express, includes terminal operation businesses outside Japan.