News / Six carriers sign five-year agreement to form new alliance – but Hyundai must wait to join

Troubled South Korean carrier Hyundai Merchant Marine (HMM) appears to be the loser – temporarily at least – in the latest game of alliance musical chairs in the liner shipping industry.

Six carriers today announced the formation of THE Alliance. Hapag-Lloyd, Taiwan’s Yang Ming, South Korean Hanjin and the Japanese trio of K Line, NYK and MOL have signed a five-year agreement, which will take effect in April 2017.

Significantly, two other former alliance carriers, HMM and UASC, were also notable by their absence ...