Hyundai Merchant Marine (HMM) announced on Thursday that it plans to join the 2M alliance in next year. HMM has been struggling and teetering on the brink of bankruptcy. According to Loadstar, the industry was caught off guard, and questions the benefits for the 2M alliance.
The global economic downturn has seen a number of mergers, acquisitions, and the formation of new alliances. In June, Germany’s Hapag-Lloyd AG agreed to merge with United Arab Shipping Company (UASC), creating the world’s 5th largest shipping group. The month of May saw the formation of a new carrier agreement, called The Alliance. The carriers include Hapag-Lloyd, Taiwan’s Yang Ming, South Korean Hanjin and the three Japanese carriers, K Line, NYK and MOL.
The Ocean Alliance, was formed in April, and comprises of CMA CGM, China Cosco Shipping, OOCL and Evergreen. The three alliance move roughly 90% of worldwide ocean freight, with alliances changing over time.