Under the name "Korea Shipping Partnership (KSP)", the new shipping consortium will be led by Hyundai Merchant Marine (HMM) and supported by Korea Shipowners Association (KSA).
The partnership will include all the South Korean shipowners, who will officially sign a memorandum of understanding (MoU) today, according to local media. Other companies include Sinokor Merchant Marine, Korea Marine Transport and Heung-A Shipping.
The collaboration aims to introduce a number of measures, such as increasing shared cargo capacity, new shipping routes and co-managing overseas terminals.
The KSP will establish operational guidelines by the end of this year and is expected to start operations by January 2018.
On February 17, the Seoul Central District Court officially declared the bankruptcy of Hanjin Shipping Co Ltd which had been the world’s seventh-largest container shipper, resulting in corrosion of the South Korean shipping competitiveness.