News / THE Alliance draws up trust fund to protect group from member bankruptcy

THE Alliance is to set up an independently managed trust fund to safeguard cargo operations should one of its liner shipping group members go bankrupt.

Hapag-Lloyd, Yang Ming, K Line, MOL and NYK said today they had finalised their network details ahead of THE Alliance launch on 1 April, and within the vessel sharing agreement (VSA) was a “unique contingency plan”.

“It is envisioned that the fund will be used to continue operations in the event of insolvency of one or more of the member ...