HMM forms tie-up with 2M alliance

SEOUL: Heavily indebted South Korean shipper Hyundai Merchant Marine Co Ltd (HMM) said on Sunday it has agreed with the 2M shipping alliance to form a cooperative relationship that falls short of full-fledged membership. Joining an alliance with major shipping firms was one of the conditions of a debt restructuring deal between Hyundai Merchant Marine and its creditors in May, and the company said on Sunday that the tie-up with 2M met that criteria. Its main creditor, the state-backed Korea Development Bank, said it had not yet met to decide its position on the agreement. HMM had previously been in talks to join the 2M vessel-sharing alliance made up of Denmark’s Maersk Line, and Mediterranean Shipping Co, the world’s two largest shipping lines. — Reuters