South Korean container carriers have joined forces to form a cooperation body named Korea Shipping Partnership aimed at strengthening the country’s shipping industry.
The move comes amid overall stagnation of the South Korean shipping market which has had its reputation marred following the collapse of Hanjin Shipping.
The 14 national carriers, including Hyundai Merchant Marine (HMM) and SM Line, launched a cooperation council in order to overcome the crisis jointly and seek new business opportunities in the market.
Among the measures being sought are route rationalization, the opening of new joint routes, fleet expansion cooperation, partnerships on joint services at international terminals along with consultation on the reduction of operating costs all with the objective of boosting the competitiveness of the nation’s container carrier sector.
As informed by the Korea Shipowners’ Association, the consortium plans to form operational rules by the end of the year and start operations as of next year.