HMM Forms ‘HMM + K2 Consortium’

Hyundai Merchant Marine (HMM) has announces that they have signed a MoU with intra-Asia trade carriers, Heung-A Shipping and Sinokor Merchant Marine to form a ‘HMM + K2 consortium’.

The HMM + K2 consortium will commence operations beginning in March after signing the formal contracts in February. The consortium will cover Japan, China and South East/West Asia trades and this agreement shall be automatically renewed for successive two year terms.

HMM is looking to acquire competitiveness against mega shippers, as HMM will be able to fully access Heung-A and Sinokor’s Intra Asia networks which particularly focus on the Korea-Japan and Korea-China trades.

This consortium will aid 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.