HMM to join 2M alliance

South Korean Hyundai Merchant Marine (HMM) has signed a memorandum of understanding (MoU) with Maersk and the Mediterranean Shipping Company (MSC) to join the carriers’ 2M alliance in April 2017.

This followed agreements between HMM and bond-holders to adjust debt and shipowners to adjust charter-hire.

The carrier said in a statement that with this “announcement, HMM has successfully completed all conditions set out in the voluntary agreement with creditors from March 2016,” adding that “in accordance with the completion of such preconditions, the planned debt-for-equity swap by creditors will be executed as planned”.