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.