South Korean container shipping major Hyundai Merchant Marine (HMM) will join THE Alliance as a full member.
In addition, the members of THE Alliance have also decided to renew their cooperation and to extend the duration of the partnership for ten years until 2030.
The corresponding documents were endorsed in Taipei on June 19, 2019. Subject to the necessary regulatory approvals, the new contract between the four lines will officially start on April 1, 2020.
“HMM is a great fit for THE Alliance as they will provide a number of new and modern vessels, which will help us to deliver better quality and be more efficient – and it will help us also to further reduce our emissions,” Rolf Habben Jansen, CEO of Hapag-Lloyd, said.
HMM has ordered twelve 23,000 TEU vessels which will be delivered in the second quarter of 2020. Additionally, eight 15,000 TEU newbuildings will join HMM’s fleet in the second quarter of 2021.
HMM’s 23,000 TEU newbuildings will be deployed in the Far East – North Europe trade and will further strengthen THE Alliance’s service portfolio.
The addition to the membership will significantly strengthen the competitiveness of THE Alliance towards the other two alliances – especially on the Trans-Pacific trades, according to the parties.
“Being a full member of THE Alliance gives us a lot of pride. We are convinced that we will be successful and generate additional value for our customers, employees and shareholders with combined experience, strategic skills, competitive fleet and strong focus on our clients’ needs,” Jae-hoon Bae, President and CEO of HMM, said.
Hyundai Merchant Marine is currently tied to a cooperation deal with the 2M carriers, Maersk Line and MSC. The three containership majors signed the strategic cooperation agreement in March 2017, which has a length of three years.