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HMM urged to merge with Hanjin Shipping to join THE Alliance

THE Alliance, a brand new grouping of six containerlines, only has room for one South Korean member, according to a government official in Seoul, which could spark a merger between Hanjin Shipping and Hyundai Merchant Marine (HMM).

The government source, speaking on condition of anonymity with local media outlet Business Korea, said THE Alliance, which Hanjin formed this month with partners NYK, MOL, K Line, Yang Ming and Hapag-Lloyd, had room for only one Korean partner. HMM would likely be absorbed by Hanjin, another government source claimed.

HMM has repeatedly stressed it is keen to join THE Alliance once its restructuring process progress. The line did not comment on the media report when contacted by Splash today.

HMM is meeting with bondholders today and tomorrow to try and extend the terms of its repayments. Some bondholders agreed today to reschedule debt worth KRW300bn. Its share price closed the day up 13.56% on KRW18,000.

 

What if Hanjin & HMM Combined - PROOF 05 copy

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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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