In response to a request from the South Korean Ministry of Oceans and Fisheries (MOF),5 South Korean container transport companiessigned an alliance agreement on 23 December 2021HMM, SM Line, Pan Ocean, Sinokor Merchant Marine and Heung-A Line.
Called K-AllianceThe new consortium is expected to deploy its vessels by the second quarter of 2021.
South Korean operators currently manage about 40% of containerized maritime traffic on the link South Korea / South-East Asia: a declining market share due to the aggressive expansion of other major global shipping companies.
Thanks to this alliance, which will be illustrated in the form of Vessel Sharing Agreement (VSA or « Sharing agreement » South Korea hopes to strengthen cooperation among national line companies and improve their competitiveness in the South-East Asia area.
K-Alliance partners will seek, inter alia, sharing container terminals or to order jointly more environmentally friendly vessels.
In the medium to long term, 6 other South Korean shipping companies could join the consortium.
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- Diagnosis of international logistics flows
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