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Operations Agreement Bonds Shipping

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Hyundai Merchant Marine (HMM) will gain access to the 2M network after making an agreement with Mediterranean Shipping Company (MSC) and Maersk Line that will see the two container shippers take over a number of its charters and operations.

The deal, scheduled to begin in April 2017 subject to regulatory approval, was made outside of the 2M vessel sharing agreement and includes slot exchanges and slot purchases between the three parties. The cooperation will provide new opportunities for Maersk Line in Transpacific trade, where 2M gets access to strong HMM products.

The initial term of the cooperation is three years with an option to extend. It also covers key East-West trades. The parties expect to disclose more information about network changes and schedules in early 2017.

Søren Toft, COO of Maersk Line, said: “We are pleased to enter into this strategic cooperation with Hyundai Merchant Marine, Korea’s leading container carrier. It will enable us to enhance our 2M network and presence in the important Transpacific trade. We look forward to leveraging these new opportunities to the benefit of our customers.”

The agreement comes after recent expansions in the services of HMM and Maersk Line. Last month it was reported that HMM has been chosen as the preferred bidder to buy the port terminal partly owned by Hanjin Shipping in Algeciras, Spain, and at the start of December, Maersk Line and the Oetker Group reached an agreement for Maersk Line to acquire the German container shipping line Hamburg Süd.

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