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December 28, 2020
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- Cartel agreement between five shipping carriers
containerized south koreans
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- The goal of Heung-A, HMM, Pan Ocean, Sinokor and SM Line is to
to increase their competitiveness on Asian routes
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 The five South Korean shipping companies Heung-A Shipping
Co., HMM, Pan Ocean, Sinokor Merchant Marine and SM Line Corporation
have signed a memorandum of intent to establish a
Korean Maritime Transport Federation called the K-Alliance,
which will be put into operation in the second quarter of
next year. The agreement was promoted by the Ministry of
South Korea's Maritime and Fisheries Activities and the
Korea Ocean Business Corporation (KOBC), the government agency
established in 2018 with the aim of helping to strengthen the
competitiveness of national maritime transport.-
- The aim is to promote the competitiveness of
South Korean containerised shipping companies in the South Korean containerised shipping market
southeast Asia forming an alliance of carriers composed of only
south Korean companies with the aim of creating synergies through
economies of scale. It is a market -- it has been
specified on the occasion of the signing of the agreement - to which
carriers with fleets of load capacity participate
total of about 480,000 teu, of which about 190,000 teu (40%
of the total) by the South Korean company, the latter share
which has gradually decreased due to aggressive
investments made by containerised carriers
Global.
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- The parties specified that the agreement for the creation of the
K-Alliance is the first step to strengthen the
competitiveness of containerised shipping, a market at
involving 11 South Korean shipping carriers. It is planned to
that the six shipping companies in this market that haven't
participated in the establishment of the K-Alliance may establish a
strategic cooperation agreement with the alliance and participate in
part of the alliance's operations, eventually becoming
members of the K-Alliance at any time.
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- The agreement provides for the establishment of a real
"cartel" by eliminating excessive competition between
south Korean carriers through the elimination of line services
redundant routes and the opening of new routes, increasing the number of
departures and sharing fleets. In addition, it is planned to increase
competitiveness also by reducing costs and improving
efficiency in resource management through joint order
of new ships of high efficiency and low cost. It is expected that
the conclusion of joint contracts for transport services
maritime authorities and for the use of port facilities as well as for
the use of equipment and means for containerised transport.
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- The agreement also includes the possibility of extending the
reach of the alliance beyond the Asian routes, on which they operate
mainly the companies Heung-A, Pan Ocean and Sinokor,
using intercontinental ocean services operated by HMM and
SM Line to forward loads to the Americas and Europe.
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