Hyundai Merchant Marine (HMM) has signed on to join the 2M alliance from April next year.
HMM will join Maersk and MSC in the vessel sharing partnership, marking the latest sign that the Korean line is finally coming out of its financial woes.
HMM added that it has now completed all conditions set out in the voluntary agreement with creditors from March 2016 and in accordance with the completion of such preconditions, the planned debt-for-equity swap by creditors will be executed as planned.
No new name for 2M has yet been revealed.