South Korea’s delivery business are preparing to introduce a residential delivery partnership to assist the country much better contend in the worldwide container delivery market following Hanjin’s collapse, according to regional media.

The step comes amidst ongoing loan consolidation in the market as well as much less than one year after the collapse of Hanjin Shipping Co., when South Korea’s front runner service provider as well as the seventh-largest container line on the planet.

According to the South Korea’s Pulse News, the partnership, referred to as the Korea Shipping Partnership (KSP), will certainly be introduced on Tuesday by the Korea Shipowners’ Association, which will certainly take care of the management responsibilities of the partnership.

The KSP partnership will certainly consist of all 14 delivery container providers in South Korea, consisting of Hyundai Merchant Marine, the globe’s 15th biggest container line by ability.

“Under the terms of the agreement, they will cooperate to improve their collective strength through various measures including increasing shared cargo capacity, adding new shipping routes and co-managing overseas terminals,” the record claimed.

In October, Japan’s 3 biggest container lines– K Line, MOL as well as NYK– introduced a comparable partnership, incorporating the container delivery services of each participant, consisting of worldwide terminals, right into one solitary entity. The partnership, understood as the Ocean Network Express, or ONE, will certainly have an overall ability of around 2 million TEU, placing it in 6th location in the worldwide positions. The Ocean Express Network will certainly introduce April 1, 2018.

HMM is presently associated with a “strategic cooperation” with the 2M partnership, comprised of Maersk as well as Mediterranean Shipping Company, however is ruled out a full time participant.