In an effort to enhance competitiveness in Asia, five South Korean container shipping companies shake hands and agreed to establish a Korean Maritime Movement Alliance (K-Alliance).
According to country’s Ministry of Oceans and Fisheries (MOF), HMM, SM Line, Pan Ocean, Sinokor Merchant Marine and Heung-A Line signed a basic agreement in order to create the first national shipping alliance.
What is more, the signing ceremony was held virtually on 23 December 2020 due to the coronavirus situation.
Under their collaboration, partners goal to boost cooperation between national liner companies and strengthen the competitiveness of the carriers in Southeast Asia.
As explained, the agreeement will focus on fleet sharing arrangements, the opening of new routes, the reduction of the number of redundant vessels and vessel calls.
Concluding, the K-Alliance is expected to officially begin operations during the second quarter of 2021.
