South Korean container liner shipping company Hyundai Merchant Marine (HMM) will join THE Alliance as a full member.
HMM will join Hapag-Lloyd, Ocean Network Express (ONE) and Yang Ming in establishing a new cooperation with four members and a term until 2030.
Jae-hoon Bae, president and CEO of HMM, said: “Being a full member of THE Alliance gives us a lot of pride.
“We are convinced that we will be successful and generate additional value for our customers, employees and shareholders with combined experience, strategic skills, competitive fleet and strong focus on our clients’ needs.”
The contract between the four lines is scheduled to begin on April 1, 2020, subject to the necessary regulatory approvals.
Rolf Habben Jansen, CEO of Hapag-Lloyd, said: “HMM is a great fit for THE Alliance as they will provide a number of new and modern vessels, which will help us deliver better quality and be more efficient – and it will help us also to further reduce our emissions.”
HMM has ordered 12 23,000 teu vessels, set to be delivered in the second quarter of 2020, which will be deployed in the Far East – North Europe trade to further enhance THE Alliance’s portfolio.
A further eight 15,000 teu new builds will join HMM’s fleet in the second quarter of 2021.
Jeremy Nixon, CEO of ONE, said: “We are very happy to see HMM join the THE Alliance, as their membership will allow us to offer enhanced services to our customers due to a wider port coverage, expansion of our product offerings, more sailing frequencies and a better balance of our cargo flows.”
Bronson Hsieh, chairman and CEO of Yang Ming, said: “HMM joining THE Alliance is an important milestone for THE Alliance as it will help us to provide a broader service network for the customers and facilitate the advance of the development of THE Alliance starting from next year.”