South Korea's 14 domestic shipping lines launched a shipping alliance as predicted on Tuesday. The Korean Shipping Partnership (KSP) was announced by the Korea Shipowners’ Association (KSA) with support from South Korea's Ministry of Maritime Affairs and Fisheries. The KSP alliance includes all 14 shipping container carriers in South Korea, including Hyundai Merchant … [Read more...]
Hyundai Merchant Marine to Order Up to Ten VLCCs at DSME
South Korea's Hyundai Merchant Marine (HMM) has singed a letter of intent (LOI) with Daewoo Shipbuilding & Marine Engineering (DSME) for the construction of five 300,000 dwt very large crude carriers (VLCCs) with an option of five more vessels. HMM has formed a ‘newbuilding examination committee’ at the end of last year, and has thoroughly reviewed all the conditions for … [Read more...]
Hyundai Merchant Sees More Losses on Shipping Industry Glut
By Kyunghee Park (Bloomberg) -- Hyundai Merchant Marine Co., South Korea’s biggest sea carrier, said it will post losses through the first half of 2018 as the container-shipping industry attempts to recover from Hanjin Shipping Co.’s bankruptcy and years of excess capacity. As a hedge against adverse conditions plaguing shipping, Hyundai Merchant has initiated talks … [Read more...]
Hyundai Merchant Marine Forms Intra-Asia Shipping Alliance
South Korean shipping company Hyundai Merchant Marine has signed an agreement with smaller Asia-only carriers Heung-A Shipping and Sinokor Merchant Marine to form a niche shipping alliance targeting intra-Asia trade. The new alliance, called HMM + K2, is planned to begin operations in March 2017 and will automatically renew every two years. The network will cover Japan, … [Read more...]
Shippers Kick Back at 2M Alliance Plans to Put Cargo on HMM Ships
By Mike Wackett (The Loadstar) - News that their cargo may be loaded onto Hyundai Merchant Marine (HMM) vessels has angered customers of the 2M Alliance. Shippers expressed concern after the announcement of a strategic cooperation agreement to commence in April, with 2M partners Maersk and MSC taking over charter and operation of a number of the South Korean carrier’s … [Read more...]
HMM, Maersk Line Statements on 2M ‘Strategic Cooperation’
South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance (Maersk Line and Mediterranean Shipping Company) to form a cooperative relationship that falls short of full-fledged membership. (See story here). Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between … [Read more...]
Hyundai Merchant Marine Secures 2M Deal
SEOUL, Dec 11 (Reuters) - Heavily indebted South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship that falls short of full-fledged membership. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between Hyundai Merchant Marine and … [Read more...]