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Heung-A & Sinokor Merchant Marine working towards integrating their container businesses in Dec. 2019

 

In a sign of further consolidation in liner shipping, Heung-A and Sinokor Merchant Marine have inked an agreement to integrate their container businesses in December 2019, it is learnt.

 

In a statement to the Korea Stock Exchange, Heung-A said it aims to achieve cost savings from the planned integration and improve the profitability and competitiveness of the business. It described the agreement as the ‘Phase 2 Structural Innovation of the Korean Maritime Cooperation’, reports said.

 

The two companies have reportedly set up an office to work towards integrating their services by the end of next year.

 

Ever since the high-profile bankruptcy of Hanjin Shipping a few years ago, the South Korean government has been trying to consolidate the local shipping scene. There is an existing cooperation arrangement between South Korean carriers through the Korea Shipping Partnership.

 

According to Alphaliner, there is a likelihood of the integrated Heung-A/Sinokor entity cooperating with Hyundai Merchant Marine (HMM) to form a closer partnership between the three carriers. The new agreement would replace the existing HMM+K2 cooperation agreement that was signed in January, it said.

 

Alphaliner also said that the combination of Heung-A and Sinokor’s containership fleet would elevate them to 19th position, based on its latest carrier rankings, with a combined fleet of 100,574 TEUs.

 

The Japanese Big 3, NYK, MOL and "K" Line, launched the Ocean Network Express (ONE) on April 1, 2018, which was formed by merging their container businesses.

 

Source: Exim News Service - Seoul, April 15

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