South Koreans make 'The Alliance' a foursome
The South Korean container shipping line Hyundai Merchant Marine (HMM) is set to join ‘The Alliance’ as a full member. Moreover, The Alliance’s members have also decided to establish a new cooperation agreement with four members and a term until 2030. The action was agreed in Taipei on 19 June. Subject to the necessary regulatory approvals, the new contract between the four lines will start on 1 April 2020. ‘The Alliance’ started operations in April 2017.
In terms of capacity, HMM has ordered twelve 23,000 teu vessels, which will be delivered in Q2/2020. Additionally, eight 15,000 teu newbuildings will join HMM’s fleet in Q2/2021. HMM’s 23,000 teu newbuildings will be deployed in the Far East–North Europe trade. HMM has been waiting in 2M’s antechamber for the last two years before now joining a different one of deepsea shipping’s three major alliances. (cd)