April 27, 2024
Industrials
HMM set to join major shipping alliance
[THE INVESTOR] Hyundai Merchant Marine is in final talks to join a global shipping alliance to survive the cutthroat competition in the global shipping sector.
According to the sources, the shipper’s negotiation team began the talks in Copenhagen with 2M Alliance, the world’s largest shipping association, with the results likely to be announced over the weekend at the earliest.
Since May, HMM has been seeking to become a member of 2M, one of the prerequisites set by its creditors to avert court receivership.
In April, its creditors, led by the state-run Korea Development Bank, approved the shipper‘s restructuring plan in return for the company meeting three key conditions -- a debt recast, a charter rate cut and inclusion in a global shipping alliance.
In July, HMM signed a memorandum of understanding with the world’s largest shipping alliance led by AP Moller-Maersk A/S and Mediterranean Shipping, two key members of 2M, but the shipper is seeking to sign a formal deal on membership. The 2M Alliance currently handles 28 percent of the global sea container cargo.
(theinvestor@heraldcorp.com)
According to the sources, the shipper’s negotiation team began the talks in Copenhagen with 2M Alliance, the world’s largest shipping association, with the results likely to be announced over the weekend at the earliest.
Since May, HMM has been seeking to become a member of 2M, one of the prerequisites set by its creditors to avert court receivership.
In April, its creditors, led by the state-run Korea Development Bank, approved the shipper‘s restructuring plan in return for the company meeting three key conditions -- a debt recast, a charter rate cut and inclusion in a global shipping alliance.
In July, HMM signed a memorandum of understanding with the world’s largest shipping alliance led by AP Moller-Maersk A/S and Mediterranean Shipping, two key members of 2M, but the shipper is seeking to sign a formal deal on membership. The 2M Alliance currently handles 28 percent of the global sea container cargo.
(theinvestor@heraldcorp.com)
