The other carriers that form THE Alliance, which is the most recent alliance tie-up between Hapag Lloyd and a number of Asian shipping lines, have reportedly given their support for Hyundai Merchant Marine (HMM) to join the alliance, according JOC.com.
This follows news that the Korean government would allow HMM and Hanjin Shipping to pair up if both carriers could normalise their management structures.
HMM has also been able to secure lower charter rates from ship-owners, which would improve its financial situation and allow it to order mega-ships.
The Korea Development Bank (KDB) said: “KDB will take all necessary measures to make HMM a competitive global shipping company through reshuffling its organisation structure and inviting outside experts to consult on restructuring the fleet by ordering highly efficient mega-container ships to boost HMM’s mid-term competitiveness.”
Hanjin Shipping could also be set for a recovery after it was announced that its finances had climbed by more than 6% in the week to June 7, 2016.
HMM’s finances also bounced back up by 2.4%, which could mark the beginning of recovery for both lines and help them to compete in a turbulent market.