Shipping lines Maersk Line, Mediterranean Shipping Co. and Hyundai Merchant Marine have announced a strategic partnership to create new opportunities in transpacific trade.
The cooperation will see Maersk Line and MSC take over a number of charters and vessel operations currently chartered to HMM. All three firms are predominantly focused on container traffic, but also operate breakbulk or special cargo divisions.
The new cooperation will be outside the existing 2M vessel sharing agreement between MSC and Maersk Line, but will provide HMM some access to the 2M network.
“We are pleased to enter into this strategic cooperation with Hyundai Merchant Marine, Korea’s leading container carrier. It will enable us to enhance our 2M network and presence in the important Transpacific trade. We look forward to leveraging these new opportunities to the benefit of our customers,” said Søren Toft, COO of Maersk Line.
The partnership follows a number of consolidations across the breakbulk sector in 2016, and comes after the announcement of a sharp fall in profits by Maersk in the second quarter, driven by weak freight rates and low demand.
Source : Breakbulk Magazine - www.breakbulk.com