Hyundai Merchant Marine (HMM) has joined Maersk Line (ML) and Mediterranean Shipping Company (MSC) in the 2M vessel sharing agreement.
HMM will begin providing joint services from April 2017 upon finalising negotiations and approval procedures in the relevant countries.
The announcement should help to easy the financial pressure the company is under.
“With today’s announcement, HMM has successfully completed all conditions set out in the voluntary agreement with creditors from March 2016,” the company said.
“The 2M alliance is the world's largest but lacks shipping lines between Asia and North America,” a HMM official said according to the Korea Times. “Our extensive operations between the two continents will provide a significant boost to the alliance. The 2M membership will help us lower operating costs, enhance customer service and improve our corporate image.”