HMM denies reports on 2M partnership failure

Hyundai Merchant Marine on Thursday denied reports that it had failed to join the 2M Alliance.

“The concrete negotiation for the 2M partnership is still in progress and will be finalized after the meeting slated next week in Europe,” said HMM officials. 

The Wall Street Journal reported Wednesday that the 2M Alliance decided not to allow HMM to join it, amid backlash from customers. It said the alliance was looking for other “looser forms of cooperation” with the Korean shipping company.

In July, HMM inked a memorandum of understanding with the world’s largest container-shipping alliance to join the 2M Alliance. The 2M partnership was considered a crucial step for the Korean shipper which was under restructuring.

Earlier in the day, Financial Services Commission Chairman Yim Jong-yong also denied the reports.

“The Wall Street Journal’s report is not true. HMM’s negotiation for the 2M Alliance partnership is still underway and it will likely be wrapped up around Dec. 10,” Yim said at a press conference.

The Korean shipper said it would provide details of the negotiation once it is completed.

Earlier last month, the Journal of Commerce also published a similar news report, but HMM denied it, saying that the 2M partnership negotiation is still underway.

By Lee Hyun-jeong (rene@heraldcorp.com)