25-06-2016

Hyundai Merchant Marine seeks to join 2M Alliance

HMM

Hyundai Merchant Marine Co. will get a boost as it seeks to join the world’s largest shipping alliance.

The company has started talks to join a grouping known as 2M, which is led by AP Moeller-Maersk A/S and Mediterranean Shipping Co. “The announcement is raising expectations that this will clear a big obstacle and help turn things around for Hyundai Merchant,” said Park Moo Hyun, an analyst at Hana Daetoo Securities Co. in Seoul. “But there’s still a way to go since talks just started and it remains uncertain how this will help Hyundai Merchant.”

Joining the alliance will help Hyundai Merchant reduce costs and improve its competitiveness, the Seoul-based company said in the statement.

It will also enable Maersk and Mediterranean Shipping to bolster their services on Trans-Pacific routes, said the Korean company, which ended talks to join The Alliance, whose members include Hapag-Lloyd AG and Hanjin Shipping.

The 2M alliance is positively reviewing the proposition by Hyundai Merchant, Soren Toft, Chief Operating Officer of Maersk Line, said recently. “The inclusion of Hyundai Merchant Marine in 2M would, for example, provide us with extended coverage and a stronger product in the Trans-Pacific trade,” he said, adding that it’s still early days to comment further.

Source: Daily Shipping Times 

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