Hyundai Merchant Marine (HMM) said it has signed an agreement with intra-Asia trade carriers Heung-A Shipping and Sinokor Merchant Marine to form a container shipping alliance called the HMM + K2 consortium.
The HMM + K2 consortium, which is slated to start operation in March after a formal contract signing next month, will cover Japan, China and South East/West Asia trades. The alliance will include vessel sharing, slot exchange and slot purchase agreements, as well as additional plans to bring in joint investment in port infrastructure and sharing of container equipment in the medium and long term.
Under the agreement, HMM will fully access Heung-A and Sinokor’s Intra Asia networks with particularly focus on the Korea-Japan and Korea-China trades.