Hyundai Merchant Marine announced that it will join 2M shipping alliance, placing the shipper on the path for creditors’ rescue program and business normalization. The alliance is currently comprising of the two major container liners, Maersk and MSC.
HHM confirmed that it has signed a Memorandum of Understaning (MoU) with the 2M Vessel Sharing Agreement (2M VSA) for providing joint service to begin from April 2017 upon finalizing negotiations and approval procedures in each country.
The MOU signed between HMM and the 2M carriers is a binding agreement in regards to HMM’s entry to the 2M VSA.
”By accessing 2M VSA network, HMM will be able to strengthen its service offering and achieve improved cost competitiveness. The 2M carriers will benefit from a reinforced service competency in Asia and improved network cover in the trans-pacific area.” the company said in a statement.
With this announcement, HMM informs that it has successfully completed all conditions set out in the voluntary agreement with creditors from March 2016 and in accordance with the completion of such preconditions, the planned debt-for-equity swap by creditors will be executed as planned.
Upon completion of said debt-for-equity swap, the financial structure of HMM will be significantly improved and puts HMM in sound position to meet future challenges.
A HMM spokesperson said, “Based on the company’s sound financial structure, HMM will put its utmost efforts into improving our service offering to clients and to continue increasing operational competency in the second half of this year to continue improving profitability of our company” the person stressed.
Source & Image Credit: HMM
