HMM: Nothing Has Been Decided Yet on 2M Alliance
South Korean liner company Hyundai Merchant Marine (HMM) hasn’t made a final decision on the potential departure from its alliance with 2M carriers, Maersk Line and MSC, the company told World Maritime News.
The three containership companies inked a strategic cooperation deal in March 2017, which has a length of three years with an extension option. The deal includes a series of slot exchanges and slot purchases on East-West routes, as well as Maersk Line and MSC taking over a number of charters and operations of vessels currently chartered to HMM.
Industry analysts, cited by Business Korea, believe the carriers are likely to part their ways once the deal expires in April 2020, describing the cooperation as disadvantageous to HMM as the company is not a fully-fledged member of the alliance.
Alphaliner said earlier that the deal would limit the South Korean container carrier’s ability to grow in the future, especially since the company could not become full member as originally sought.
What is more, 2M liners allegedly criticized HMM’s recent ordering spree, Business Korea reported, which the company believes is crucial in its rehabilitation process and regaining of competitiveness in the market.
Responding to media reports, HMM spokesperson said that a decision on the matter is yet to be made and that the company maintains a good relationship with 2M.
Last week the company defended its strategy to order 20 ships, saying it was fully confident it would fill up the newly ordered mega containerships due to its improved financial stability and recovered customer trust.
The twenty scrubber-fitted ships, ordered in September this year, include twelve 23,000 TEU and eight 15,000 TEU boxships, which are expected to be ready for deployment in 2020.
HMM added it was confident in attaining 7% market share in East-West trades by 2021.
World Maritime News Staff