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HMM May Leave Alliance With MSC, Maersk In 2020

HMM may leave alliance with MSC, Maersk in 2020

HMM May Leave Alliance With MSC, Maersk In 2020Source: Autorita’ di Sistema Portuale del Mar Ligure Occidentale

Genoa, Italy (PortSEurope) December 4, 2018 – Hyundai Merchant Marine (HMM) may abandon its alliance with the Mediterranean Shipping Company (MSC) and Maersk as of 2020.

The contract for the alliance, named 2M, expires in March 2020 and may not be renewed by HMM, as the company considers its participation in the project not to be advantageous enough, especially as MSC and Maersk signed a cooperation contract with Israeli group ZIM.

The agreement with Maersk and MSC penalises the South Korean company also because, at the time of the agreement, the two partners of the 2M have urged the HMM to limit orders for the construction of new ships. Maersk and MSC also protested when HMM announced its intention to commission 20 new large-capacity container ships. 

On the other hand, HMM confirmed that the plan of growth of the company is based on the 20 new large container ships, of which 12 of 23,000 TEUs and eight of 15,000 TEUs.

Source: BusinessKorea

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