After some five months of talks with South Korea’s shipping firm Hyundai Merchant Marine (HMM) on the possibility of HMM to join the world’s largest alliance 2M, the parties have now decided “to look at other cooperation possibilities.”
Since July 2016, the alliance, comprising shipping giants Maersk Line and Mediterranean Shipping Company (MSC), has been in discussions with the Korean container carrier on HMM joining the 2M vessel sharing agreement (2M VSA).
The parties “discussed the possibility of HMM joining 2M as an operating partner,” according to a spokesperson from Maersk Line, however, the talks have now shifted to the possibility of HMM partnering with the 2M network through a slot exchange and purchase agreement.
“The partnership discussions are ongoing and include the possibility of Maersk Line taking over charters and operations of vessels currently chartered to HMM with the aim of deploying them in the 2M network,” the spokesperson said, adding that “the discussions include how we can improve our products on the Pacific trade.”
As the discussions are on-going, the parties declined to comment further until there is any substantial development, Mearsk Line noted.
Hyundai Merchant Marine was looking to join the 2M alliance after their membership in the G6 alliance expires in 2017.
The move, which was made amid the current weak demand in the container shipping industry, was part of HMM’s debt restructuring plan.
World Maritime News Staff
http://worldmaritimenews.com/archives/207019/hmm-2m-to-look-at-other-cooperation-possibilities/
HMM offered slot exchanges with Maersk and MSC
Maersk Line says it and MSC are still trying to find a way to partner with Hyundai Merchant Marine (HMM) but the Korean line will not become a member of 2M, the vessel sharing alliance between Maersk and MSC.
In lieu of joining 2M as a member, Maersk Line said in a statement sent to Splash: “The parties are therefore discussing the possibility of HMM partnering with the 2M network through a slot exchange and purchase agreement.
“The partnership discussions are ongoing and include the possibility of Maersk Line taking over charters and operations of vessels currently chartered to HMM with the aim of deploying them in the 2M network.”
The discussions include how 2M can improve its products on the Pacific trade.
“There are many other and good ways to co-operate and we are sure that we will find a good model,” a Maersk spokesperson insisted.
Having been spurned from joining another container grouping, THE Alliance, HMM was desperate to join 2M. It had signed a memorandum of understanding with the 2M partners on joining, but this deal has since hit the skids.
An HMM official remained confident some deal would be struck with Maersk and MSC soon, telling Splash: “HMM joining 2M is under discussion in details and the discussion is likely to be concluded shortly. We go over the specifics in various forms and plan to make a formal agreement either in the end of November or early December.”
Alphaliner in its most recent weekly report warned: “The Korean shipping line is running out of time to either negotiate revised terms with the 2M, or to join a rival alliance prior to the April 2017 implementation of the new global ocean carrier groupings.”
Comments
Post a Comment