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Hyundai Merchant Mari[ds_preview]ne (HMM) signed an agreement with »2M« alliance members Maersk and MSC comprising a slot sharing deal but excluding full membership. 

The cooperation is a combination of slot exchanges and slot purchases between the three parties, as well as Maersk Line and MSC taking over a number of charters and operations of vessels currently chartered to HMM.

Nevertheless, the Korean liner company failed to join the alliance as a full member. The cooperation is outside the scope of MSC and Maersk Line’s »2M« vessel sharing agreement, said the Danish industry leader in a press release. However, the agreement will provide HMM access to the »2M« network.

The announcement followed a period of uncertainty for HMM over whether it could find itself as part of one of the alliances or would be left after the world‘s liner alliances were redrawn and rivals consolidated the market. Although the Korean liner did‘nt reach a full membership, the new contract would meet one of the prerequisites set by its creditors to avert court receivership.

Another coup for Maersk

Following the takeover of Germany‘s Hamburg Süd with its strong market shares in the South America trade, Maersk and »2M« take advantage of HHM‘s current weakness. The cooperation will provide new opportunities, not least in the Transpacific trade where »2M« gets access to strong HMM products, Maersk said. »We look forward to leveraging these new opportunities to the benefit of our customers,« says Søren Toft, Chief Operating Officer, Maersk Line. The »2M« Alliance currently handles 28 % of the global sea container cargo.

The agreement is scheduled to begin in April 2017 subject to regulatory approval. The initial term of the cooperation is three years with option to extend and covers key East-West trades. The parties expect to disclose more information about network changes and schedules in early 2017.