The South Korean shipping giant Hyundai Merchant Marine has revealed plans to form an alliance with local container carriers, including Korea Marine Transport, Sinokor Merchant Marine and Heung-A Shipping, according to Korea Herald.
To be named Mini Alliance, the cooperation between the carriers would be launched in an effort to minimize the damage made on the Southeast Asian route by Hanjin Shipping’s collapse as the company filed for court receivership on August 31.
Starting from the end of September, the carriers would jointly deploy some 15 vessels covering the routes to Singapore, Malaysia, Indonesia, Vietnam and Thailand from South Korean ports.
The Korean Financial Services Commission (FSC) earlier said that the government “will promote sales of Hanjin Shipping’s core assets to Hyundai Merchant Marine in a bid to maintain competitiveness of the shipping industry.”
HMM would acquire the company’s core assets such as ships, overseas sales network and key work forces to retain Hanjin Shipping’s competitiveness as much as possible.