Five South Korean container shipping companies have agreed to come together to establish K-Alliance, a Korean Maritime Movement Alliance (K-Alliance).
According to the country’s Ministry of Oceans and Fisheries (MOF), SM Line, HMM, Pan Ocean, Sinokor Merchant Marine and Heung-A have signed an agreement to form the country’s first shipping alliance.
The alliance has been formed with a goal to enhance competitiveness by boosting cooperation in Southeast Asia.
The agreement focuses on opening new shipping routes, reducing redundant vessels and calls, fleet sharing agreements etc.
K-Alliance is expected to begin operations in the second quarter of 2021.