South Korea’s Hyundai Merchant Marine (HMM) has expressed confidence of joining THE Alliance, the latest major container carrier partnership to be announced by its current six members.
HMM, presently weighed down by a debt restructuring, stated that its entry into THE Alliance is postponed due to earlier speculation by some media reports about the company going under court receivership.
“HMM is certain that entering THE Alliance is only a matter of time, and will surely take place once the company’s continued efforts to stabilise its business ends. The current members of THE Alliance are going to determine HMM’s participation once HMM’s business is normalised,” the Korea shipowner stated.
Compatriot shipowner Hanjin Shipping, which is also facing restructuring, is already part of THE Alliance, along with five others – Hapag Lloyd, Yang Ming, K Line, NYK and MOL.
Apart from HMM potentially joining THE Alliance, UASC is also expected to join as it is in a merger talk with Hapag Lloyd.
The proposed forming of THE Alliance, subject to approval by the relevant regulatory authorities, will be a counterweight to the 2M and Ocean Alliance.
According to Alphaliner, the projected market share on the main Far East-Europe trade will see Ocean Alliance commanding 35%, 2M taking 34% and THE Alliance (if including UASC and HMM) with 30%.
On the Far East-North America trade, the estimated market share will be 39% each for Ocean Alliance and THE Alliance, and 16% for 2M.
Source: Seatrade Maritime News
Source: Seatrade Maritime News