South Korean shipping lines SinoKor Merchant Marine Co and Heung-A Shipping Co will merge their container shipping services ahead of their planned full merger in October, the Ministry of Oceans and Fisheries and Korea Ocean Business Corp has said.
The two companies will reportedly start merging their box ship services this month. SinoKor Merchant Marine’s container business will be merged in southeast Asia initially, followed by integration within the China/Japan market.
Heung-A and Sinokor Merchant Marine signed a framework agreement to integrate their container business in April last year.
Heung-A labelled the agreement as the ‘Phase 2 Structural Innovation of the Korean Maritime Cooperation’ and said in a statement to the Korea Stock Exchange that integration would take place by the end of December 2019.