South Korean shipping line Hyundai Merchant Marine (HMM) has officially joined THE Alliance, a group of carriers that includes Hapag-Lloyd, Ocean Network Express (ONE) and Yang Ming.
According to a statement, members of the group have also decided to establish a new cooperation that will run until 2030.
The agreement, signed in Taipei, Taiwan on June 19, 2019, is still subject to regulatory approval, but is expected to come into effect by April 2020.
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Jae-hoon Bae, President and CEO of HMM, celebrated the entrance of the carrier into the alliance of major shippers.
He said: “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.”
Rolf Habben Jansen, CEO of founding carrier Hapag-Lloyd, also commented: “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.”
HMM is currently preparing to massively expand its fleet of vessels, with a 12-strong order of 23,000 TEU container ships scheduled for delivery during the second quarter of 2020.
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In addition to this, eight 15,000 TEU newbuilds will also join HMM’s fleet during the second quarter of 2021.
Jeremy Nixon, CEO of fellow member ONE, said: “We are very happy to see HMM join THE Alliance, as their membership will allow us to offer enhanced services to our customers due to a wider port coverage, expansion of our product offerings, more sailing frequencies and a better balance of our cargo flows.”
Bronson Hsieh, Chairman and CEO of Yang Ming, added: “HMM joining THE Alliance is an important milestone for THE Alliance as it will help us to provide a broader service network to the customers and facilitate the advance of the development of THE Alliance starting from next year.”