The South Korean shipping operator Hyundai Merchant Marine officially signed the strategic cooperation agreement with 2M Alliance, which participants are Maersk Line and MSC. The deal include slot exchanges and slot purchases on East-West routes, giving partial participation of the South Korean company to the world’s largest shipping alliance. The strategic cooperation agreement is valid for three years with an option to be extended and renewed. The agreement will increase the slot allocation of Hyundai Merchant Marine by 22% in comparison with the participation of the shipper in G6 Alliance, while in US West Coast allocation will rose by about 50%.
“We believe this strategic cooperation to be a win-win for all parties. Maersk Line’s customers will have greater options on Trans-Paci쯿c trades and HMM’s customers will be able to leverage Maersk Line’s strong Asia-Europe products”, said the Maersk Line’s Asia-Pacific chief exclusive director, Robbert van Trooijen.
South Korean shipping operator Hyundai Merchant Marine is seeking to secure stable profits by enhancing its competitiveness on East-West trade.
“The deal will enhance competitiveness of the three shippers”, said the CEO of Hyundai Merchant Marine, Yoo Chang-keun. “Thanks to 2M Alliance’s network and containers, HMM will be able to offer more diversified services and stabilize profits”, added he.
Hyundai Merchant Marine failed to gain full membership in 2M Alliance. However, the shipper headed intra-Asia alliance with other Korean carriers – Heung-A and Sinokor.