The heads of Maersk Line, Mediterranean Shipping Company (MSC) and Hyundai Merchant Marine (HMM) signed an agreement on March 15 thereby officially launching the parties' strategic cooperation on East-West trades.

This strategic cooperation between 2M and HMM, has a length of three years with an extension option, includes a series of slot exchanges and slot purchases on East-West routes, as well as Maersk Line and MSC taking over a number of charters and operations of vessels currently chartered to HMM.

"We are very proud of our strategic cooperation with Hyundai Merchant Marine, Korea's leading container shipping company," said Robbert van Trooijen, Maersk Line's Asia-Pacific Chief Executive.

"We believe this strategic cooperation to be a win-win for all parties. Maersk Line's customers will have greater options on Trans-Pacific trades and HMM's customers will be able to leverage Maersk Line's strong Asia-Europe products," added van Trooijen.

The deal was signed some three months after the parties agreed to enter the strategic cooperation.

The strategic cooperation will enable the company "to enhance our 2M network and presence in the important Transpacific trade, " said Søren Toft, Chief Operating Officer, Maersk Line.