Talks on HMM joining Maersk and MSC's 2M alliance still ongoing
DISCUSSIONS about Hyundai Merchant Marine joining the 2M Vessel Sharing Agreement have not been concluded, in spite of HMM signing a memorandum of understanding (MoU) with Maersk Line and Mediterranean Shipping Company (MSC) two months ago.
Membership of a shipping alliance was one of the conditions for HMM's major creditors to agree to a debt adjustment plan.
Originally, the Korean shipping line had attempted to join "THE" Alliance, but was not included in the initial group of six shipping lines (Hanjin, Hapag-Lloyd, "K" Line, MOL, NYK and Yang Ming). This new alliance is due to commence operations in April 2017.
The five remaining "THE" members, together with UASC which has since signed a merger agreement with Hapag-Lloyd, will together control a market share of 28 per cent on the transpacific and of 23 per cent on Asia-Europe, based on Alphaliner projections. With Hanjin on board the market share would have amounted to 35 per cent and 28 per cent respectively.
DISCUSSIONS about Hyundai Merchant Marine joining the 2M Vessel Sharing Agreement have not been concluded, in spite of HMM signing a memorandum of understanding (MoU) with Maersk Line and Mediterranean Shipping Company (MSC) two months ago.
Membership of a shipping alliance was one of the conditions for HMM's major creditors to agree to a debt adjustment plan.
Originally, the Korean shipping line had attempted to join "THE" Alliance, but was not included in the initial group of six shipping lines (Hanjin, Hapag-Lloyd, "K" Line, MOL, NYK and Yang Ming). This new alliance is due to commence operations in April 2017.
The five remaining "THE" members, together with UASC which has since signed a merger agreement with Hapag-Lloyd, will together control a market share of 28 per cent on the transpacific and of 23 per cent on Asia-Europe, based on Alphaliner projections. With Hanjin on board the market share would have amounted to 35 per cent and 28 per cent respectively.