South Korean container operator Hyundai Merchant Marine (HMM) is reportedly set to exit the 2M shipping alliance, run by the world's two biggest operators, AP Moeller-Maersk and Mediterranean Shipping. HMM HMM has run up losses of $1.6bn over the past 14 quarters, while its 2018 liabilities stand at KRW2.5tn ($2.25bn). The move comes as a surprise given that it was announced in April last year that HMM's parent company, A.P. Moller-Maersk(AMK), would be exiting the alliance after just one year. HMM's main shareholder, the Korea Development Bank, warned if the company does not improve its fortunes, top executives, including CEO Yoo Chang-keun, will be replaced.
South Korean container operator Hyundai Merchant Marine (HMM) is reportedly set to exit the 2M shipping alliance, run by the world's two biggest operators, AP Moeller-Maersk and Mediterranean Shipping. HMM has run up losses of $1.6bn over the past 14 quarters, while its 2018 liabilities stand at KRW2.5tn ($2.25bn). The move comes as a surprise given that it was announced in April last year that HMM's parent company, A.P. Moller-Maersk(AMK), would be exiting the alliance after just one year. HMM's main shareholder, the Korea Development Bank, warned if the company does not improve its fortunes, top executives, including CEO Yoo Chang-keun, will be replaced.