8th May 2019
The new CEO of South Korean shipping company Hyundai Merchant Marine ( HMM ) revealed plans to “ consolidate the relationship ” with 2M carriers, Maersk Line and Mediterranean Shipping Company ( MSC ).
Jae-hoon Bae, who was appointed as HMM’s President and CEO last month, will be visiting Denmark and Switzerland, the countries where the 2M partners are headquartered, this week. The purpose of the CEO’s visit is reportedly the extension of a strategic deal with 2M. Bae wants South Korean shipping company to become a full 2M member next year, the Wall Street Journal cited a person with knowledge of HMM’s efforts as saying.
Back in 2017, HMM signed the agreement with Maersk and MSC, launching the parties’ strategic cooperation on East - West trades. The three - year strategic cooperation is set to expire in April 2020 but has an extension option. The deal includes a series of slot exchanges and slot purchases on the abovementioned route, as well as 2M taking over a number of charters and operations of vessels currently chartered to HMM.