Hyundai Merchant Marine (HMM) has agreed to form an alliance with competitors Sinokor Merchant Marine and Heung-A Shipping, covering Japan, China and South East/West Asia trades.
The company said that the HMM + K2 consortium will allow the companies to share ships as well as share and exchange slots. Plans also include joint investment in port infrastructure.
The deal is expected to be signed next month, ready to begin operation in March.
The consortium is also expected to jointly develop new shipping lines to other countries, reports news agency Yonhap.