South Korea’s 14 con­tainer car­ri­ers to form ship­ping con­sor­tium

Maritime Gateway - - South Asia News -

South Korea’s 14 con­tainer car­ri­ers will sign a me­moran­dum of un­der­stand­ing to es­tab­lish the Korea Ship­ping Part­ner­ship (KSP), the Korea Shipown­ers’ As­so­ci­a­tion said. The car­ri­ers in­clud­ing Hyundai Mer­chant Marine (HMM), SM Line will co­op­er­ate to in­crease their col­lec­tive strength through in­creas­ing shared cargo ca­pac­ity, adding new ship­ping routes and co-manag­ing over­seas ter­mi­nals.

The KSP will es­tab­lish op­er­a­tional guide­lines by the end of the year, and aims to launch full-fledged op­er­a­tions in Jan­uary. The al­liance is be­ing formed in hopes of restor­ing the coun­try’s ship­ping rep­u­ta­tion af­ter its then-largest car­rier, Han­jin Ship­ping, went bank­rupt last year. HMM is re­port­edly look­ing to al­lo­cate more ves­sels to meet ris­ing de­mand on US routes in the com­ing months. HMM agreed to a strate­gic co­op­er­a­tion with 2M Al­liance mem­bers Maersk and MSC back in De­cem­ber in­volv­ing a com­bi­na­tion of slot ex­changes and slot pur­chases be­tween the liner car­ri­ers, although Maersk and MSC made it clear the agree­ment with HMM was “out­side the scope” of the 2M Al­liance.

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