2M partners Maersk
Line and Mediterranean
Shipping Company (MSC) have found a new
South Korean shipping line to team up with on the transpacific trade lanes. The
new tie up with SM
Line comes before the April 1 departure of former partner Hyundai Merchant Marine (HMM) who is joining rival
THE Alliance.
In a note to clients, MSC explained the partnership
with SM Line is not linked to 2M, reported
Singapore's
Splash 247.
"The new agreement with SM
Line is separate from the 2M vessel sharing agreement between MSC and Maersk,
and the services of 2M and SM Line will complement each other. It consists of a
combination of slot exchanges
and slot purchases among the three parties - MSC, Maersk and SM Line - and it is subject to regulatory approval,"
MSC stated.
The SM
tie-up specifically will give MSC and Maersk greater access to the Pacific
northwest, while allowing SM more slots to California.
The agreement between 2M and ZIM
in the Pacific northwest region remains in full effect.
SM Line was launched three years
ago by Samra Midas Group, after snapping up many of the assets of collapsed Hanjin Shipping. Samra Midas, best known in Korea for its
construction activities, also owns Korea
Line Corporation.
SM Line has just put several of
its 6,000-TEU ships up for sale, vessels that had been deployed on the
carrier's Pacific
southwest (PSW) service linking Asia
with Los Angeles.
Commenting on the news, Andy Lane from Singapore's
CTI Consultancy, said teaming up with
Maersk and MSC was a logical move for SM Line.
"It was always going to be
difficult for SM Line to operate solo on these trades in terms of unit costs,
product diversity and utilisation of assets. It therefore makes perfect sense
for them to share services with 2M, which will undoubtedly be win-win," Mr
Lane said.
SM Line is expected to continue
to operate its 4,500-TEU
ships on its Pacific northwest service
calling Vancouver,
Portland and Seattle, with 2M expected to take some space.
Source : HKSG.
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