Hyundai Merchant Marine confident it will join THE Alliance

Hyundai Merchant Marine confident it will join THE Alliance

Hyundai Merchant Marine (HMM), which looks like the loser in the game of container alliances at the moment, has been quick to stress it is in negotiations to enter THE Alliance, the brand new grouping made up of Hanjin, Hapag Lloyd, Yang Ming, K Line, NYK and MOL.

“HMM’s entrance into The Alliance is only being postponed as there have been several media reports since the beginning of this year about the possibility that HMM might be under court receivership. The current members of The Alliance is going to determine HMM’s participation once HMM’s business is normalized,” the Korean line said in a statement.

“HMM is currently discussing its entrance into The Alliance in early June, by which the company’s business normalization is scheduled to be completed,” the company added.

HMM said it was going to complete on-going charter negotiations as well as debt adjustment via scheduled bondholders’ meeting. HMM will also execute a debt-equity swap with its creditors as part of measures to get its debt ratio down to 200%.

“HMM is certain that entering The Alliance is only a matter of time,” the company stressed.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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2 Comments

  1. John
    May 13, 2016 at 10:06 am

    HMM is doing very well the negotiations being very clear, I’d like to know the situation of the other lines.
    I am sure that in a couple of months HMM will be one of the safer lines to work with

    1. Markus
      May 17, 2016 at 2:09 pm

      fully agree that HMM will be recover soon
      but really cant understand why Hanjin has already joined THE alliance as the situation for Hanjin is more worse