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Hyundai Merchant Marine will be an informal alliance membership with 2M cooperation

Orient Honest www.china-disposable.com 2016-12-13 17:46:54
Last Sunday (December 11), Hyundai Merchant said it had reached a cooperation agreement with the 2M Alliance, but did not join the alliance as a full member. Prior to the modern merchant ship has been committed to membership as a full member of the Maersk and Mediterranean shipping composed of 2M alliance.

In May this year, Hyundai Merchant Marine and its claims group reached a condition of the assets reorganization agreement is one of the companies must join the major shipping alliances. The company said on Sunday, this cooperation (and 2M Union) also meet the requirements of creditor groups. The company's main creditor, Korea's state-run Korea Development Bank, said it had "yet to decide its position on the agreement," but said the deal "looks good".

Maersk said in a statement on Sunday that the deal includes Maersk and Mediterranean shipping to "take over a number of charters and operations of vessels currently chartered to HMM." The company did not specify the specific quantity.

Hyundai Merchant Shipping said that the reached is called "2M + H strategic cooperation" 3-year plan, is a "swap and purchase agreement." The agreement also requires regulatory approval, if passed, will come into effect in April 2017.

"The agreement will not only enable the 2M Alliance to acquire modern merchant shipping on trans-Pacific routes, but also bring new opportunities to Maersk Line," Maersk said of the partnership.

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