New intra-Asia alliance launches tomorrow

Hyundai Merchant Marine (HMM) has said it will dip into state-backed ship financing funds in the coming couple of months in order to buy new ships and acquire more terminals. Seoul-headquartered HMM, which went through massive resturcuting last year and was spared unlike bust compatriot Hanjin Shipping, also said in a release that a new Korean state-backed ship finance vehicle will buy a number of its ships next month and charter them back to the line at a “reasonable” price.

An HMM official commented: “We are greatly encouraged by these detailed blueprints to help us be one of the top class carriers in the near future.”

Meanwhile, today saw the official unveiling of HMM’s intra-Asia alliance with fellow Korean firms Sinokor and Heung-A. Dubbed HMM+K2, the consortium starts operating tomorrow for an initial fixed period of two years.

On the main east-west tradelanes HMM has formed a vessel space sharing agreement with 2M partners Maersk and MSC which will kick off on April 1.

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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