(The Loadstar) – The debate on the reasoning behind the potential alliance grouping of the 2M’s Maersk Line and MSC and the financially troubled Hyundai Merchant Marine (HMM) continues.
In a week of a seismic political shock in the UK that could have a far-reaching and long-lasting impact on global trade, there were minor tremors emerging from the Copenhagen headquarters of Maersk.
Firstly, there was the news of Nils Andersen’s decade-long position at the helm of the Danish transport and energy conglomerate coming to an end.
The sudden departure of Mr Andersen, who officially leaves office on 1 July, and is replaced by Maersk Line chief executive Soren Skou, who will also continue in his role as chief of the container arm, surprised many in the industry, not least because of the apparent lack of planning normally associated with management successions in a multinational organisation.
But perhaps more surprising was the admission that Maersk and MSC were talking to HMM about membership of the 2M Alliance after the G6 alliance disbands next April.
More surprising because, as we reported last week, the news followed HMM’s insistence that it was “only a matter of time” before it joined its compatriot, Hanjin Shipping, in the newly-configured THE Alliance.
Anecdotal reports suggest that despite HMM’s financial restructuring, its application to THE Alliance was vetoed by two members – understood to be Hanjin and K Line.
Indeed, despite HMM successfully meeting two out of three of the reconditions set by its creditors (the third is to be a member of an alliance) for its restructuring, the carrier has seen several of its ships replaced by vessels operated by other G6 alliance members – a perceived reaction to market concerns.
Without advising who had made the approach, Maersk Line’s COO, Soren Toft, confirmed talks were taking place, albeit that it was “early days”.
SeaIntelligence chief executive Alan Murphy told The Loadstar that the interest for the 2M might be increasing market share on the transpacific tradelane, where HMM has a strong presence.
Meanwhile, Drewry, which described it as “a bizarre twist”, has tried to find a rationale for the move from the perspective of both the 2M and HMM.
It has come up with a variety of hypotheses: intervention by the Korean government, calling upon the 2M partners to “ride in and rescue” HMM; Maersk’s ultimate aim of not wanting HMM as a junior alliance partner, but rather as a precursor to acquiring it; or that HMM wants to use its discussions with the 2M as a lever to gain inclusion into THE Alliance.
“These carriers are not obvious partners, in terms of culture, size or trade mix,” said Drewry, which it suggested “,hints at a hidden story”.
“What is clear is that the 2M carriers would not enter into something they didn’t think would benefit them in some way,” it added.
The Loadstar is fast becoming known at the highest levels of logistics and supply chain management as one of the best sources of influential analysis and commentary.
ROME (Reuters) – An Italian judge on Friday cleared three migrant sea rescue charities that had been accused of abetting irregular immigration in complicity with human traffickers, throwing out a case opened...
(Bloomberg) — The closure of one of the East Coast’s busiest ports after the collapse of Baltimore’s Francis Scott Key Bridge has so far not led to broad price increases,...
(Bloomberg) — An Iranian ship that’s been linked to Houthi attacks in the Red Sea is returning home, removing a prominent asset in the area as the Islamic Republic braces...
April 18, 2024
Total Views: 1533
Why Join the gCaptain Club?
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.