South Korea-based cargo shipping companies are set to form a new alliance with the aim of improving their collective strength, following the bankruptcy of national flag carrier Hanjin Shipping last year.

The shipping consortium will be known as the Korea Shipping Partnership (KSP) and is set to comprise all of South Korea’s 14 container lines, including Hyundai Merchant Marine (HMM).

The Korea Shipowners’ Association has stated that a memorandum of understanding (MoU) will be signed between the companies, reported Pulse.

"The shipping consortium will be known as the Korea Shipping Partnership (KSP) and is set to comprise all of South Korea’s 14 container lines."

KSP is expected to undertake several measures to improve shipping operations across South Korea such as increasing the companies' shared cargo capacity, the addition of new shipping routes and facilitating the joint management of international terminals, reported

The consortium is expected to finalise its operational guidelines by the end of this year and begin operation by January.

Korea Shipowners’ Association will be responsible for handling the secretariat works of KSP.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Hanjin Shipping filed for bankruptcy protection on 30 August last year.