Five South Korean shipping lines are banding together to form a new alliance designed to strengthen their competitiveness.
Liner operators SM Line, HMM, Sinokor Merchant Marine, Pan Ocean and Heung-A Line have formed what is provisionally known as the “K-Alliance”.
The agreement is designed to enhance cooperation on the trades between South Korea and South East Asia.
The agreement is scheduled to come into effect in the second quarter of next year.
