News / HMM signs up to partner Maersk and MSC in 2M Alliance next year

Hyundai Merchant Marine (HMM) announced today it is to join the 2M alliance in April next year.

Signing a memorandum of understanding to join Maersk and MSC in the the alliance marks another seismic step in HMM’s recovery from the brink of bankruptcy.

Membership of a major east-west alliance was the final condition of HMM’s creditors in the South Korean shipping group’s colossal debt restructuring, after having satisfied its main creditor, Korean Development Bank, last month that it had achieved its charter hire cost reduction target.

In a statement, the line said: “With ...