HMM forms alliance with smaller local lines

In an attempt to grow its footprint and counteract the downturn sweeping across the container-shipping sector, Hyundai Merchant Marine (HMM) has forged an alliance with Korean lines Sinokor Merchant Marine and Heung-A Shipping.

According to Yonhap News, an MoU was signed today with an official contract of co-operation due next month in time for the alliance to set sail in March.

The report adds that the three lines will look to jointly develop new routes to other countries.