Membership of a global shipping alliance was crucial to the restructuring of South Korea’s Hyundai Merchant Marine (HMM), so the news that its position as the potential third member of the 2M Alliance is in doubt, reported over the weekend, will be unsettling for its creditors and backers. However, management at HMM has subsequently denied that its application has been rejected by Maersk or MSC (or possibly both), and has insisted it remains at the negotiating table.


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