AsiaContainers

HMM pays $25m into emergency fund ahead of joining THE Alliance next week

South Korean flagship HMM has deposited $25m into THE Alliance’s contingency fund ahead of its April 1 joining of the liner grouping.

The cash reserve was first set up three years ago in the wake of the collapse of another Korean liner, Hanjin Shipping, and the then partners of the defunct CKYHE alliance had to handle the supply chain fallout from the bankruptcy.

According to Alphaliner, HMM’s $25m contribution will be the largest among the four alliance partners, with other members’ shares slightly revised. Ocean Network Express has set $23.3m aside for the fund, Hapag-Lloyd $16.25m and Yang Ming $10.45m.

The amount of contingency contribution is reviewed by THE Alliance’s member lines each year, starting on 1 April.

Tags

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.
Back to top button
Close
Close