Hyundai Merchant Marine (HMM) says talks t[ds_preview]o join the »2M« alliance will be completed this month, denying that the financially-troubled shipper has failed to join »2M«.
»We are still in negotiations to iron out differences,« said an official at Hyundai Merchant according to Korean news agency Yonhap. Since May, HMM has been seeking to become a member of the world‘s largest shipping alliance, one of the prerequisites set by its creditors to avert court receivership.
Top or flop?
Other sources say that the two 2M partners Maersk and MSC have already decided against admitting HMM as a third member. Instead, other forms of cooperation, including a slot exchange and purchase agreement, could be implemented.
In April, HMM‘s creditors, led by the state-run Korea Development Bank, approved the shipper‘s restructuring plan in return for the company meeting three key conditions – a debt recast, a charter rate cut and inclusion in a global shipping alliance. In July, Hyundai Merchant signed a memorandum of understanding with Maersk and MSC.
HMM, currently under a creditor-led restructuring scheme, is seeking to take over key assets from Hanjin Shipping Co., which has been under receivership since September. But, as reveals last week, the domestic rival Korea Line is said to be in the lead.
