3 January 2017
On January 3, 2017, Hyundai Merchant Marine (CEO: C.K. Yoo) announces that HMM signed MOU with Heung-A Shipping and Sinokor Merchant Marine both of which are Korea Intra Asia trade carriers to form a ‘HMM + K2 consortium’
HMM + K2 consortium will be signed next month and officially launched in March.
HMM + K2 consortium will cover Japan, China and South East/West Asia trades and this agreement shall be automatically renewed for successive two year terms.
HMM will acquire competitiveness against mega shippers, as HMM will fully access Heung-A and Sinokor’s Intra Asia networks in Korea-Japan and Korea-China trades etc.
This consortium will result in cost savings and improvement in customer services for Heung-A and Sinokor which also strengthen their weak points in Tri-party services.
HMM + K2 consortium includes Vessel Sharing, Slot exchange, and Slot purchase etc, and it plans to develop cooperation levels to include joint investment in port infrastructure and share container equipment for the medium and long term.
Hyundai Merchant Marine Co. Ltd, press release