[THE INVESTOR] Hyundai Merchant Marine
is considering joining the 2M Alliance, a vessel-sharing agreement between Denmark’s Maersk Line and Switzerland’s Mediterranean Shipping Company -- the world’s first and second largest container carriers.
Amid growing speculation that Korea’s second-largest shipping company is set to join the alliance, a HMM official confirmed that discussions are ongoing with the alliance parties on June 23.
A container vessel is displayed at Hyundai Merchant Marine's headquarters. Lee Sang-sub/The Investor
Previously, HMM had tried to enter another six-party partnership, The Alliance, consisting of HMM’s local rival Hanjin Shipping, Hapag-Lloyd, K Line, Mitsui O.S.K. Lines, Nippon Yusen Kaisha and Yang Ming. However, Hanjin Shipping and Japan’s K Line were reluctant to accept HMM’s request, local news reported.
According to industry insiders, HMM’s entry will be able to strengthen Asian trade lane of European-based 2M alliance, which had relatively low representation in the region.
By Ahn Sung-mi (email@example.com