On January 3, 2017, Hyundai Merchant Marine (CEO: C.K. Yoo) announces that HMM signed MOU with intra-Asia trade carriers, Heung-A Shipping and Sinokor Merchant Marine to form a ‘HMM + K2 consortium’.
HMM + K2 consortium will start operation in March after signing its formal contract next month. It will cover Japan, China and South East/West Asia trades and this agreement shall be automatically renewed for successive two year terms.
HMM will acquire competitiveness against mega shippers, as HMM will fully access Heung-A and Sinokor’s Intra Asia networks which particularly focus on the Korea-Japan and Korea-China trades etc.
This consortium will result in cost savings and improvement in customer services for Heung-A and Sinokor which also strengthen their weak points in Tri-party services.
HMM + K2 consortium will include Vessel Sharing, Slot exchange, and Slot purchase agreements, as well as additional plans to bring in joint investment in port infrastructure and sharing of container equipment in the medium and long term