HMM, SM Line and Pan Ocean have started the first service under the K-Alliance, a joint South Korea-Vietnam-Thailand service.
K-Alliance was launched in 2020, with HMM, SM Line, Pan Ocean, Sinokor Merchant Marine and Heung-A Line as members. The alliance was the brainchild of the government, which sought to cut duplication and excess competition in South Korea-Southeast Asia routes. However, it took some time to plan the routes and the collaboration.
Branded as “CVT”, the service will turn in three weeks calling Incheon, Qingdao, Shanghai, Ho Chi Minh City, Laem Chabang, Chiwan and Incheon.
The ships deployed are the 1,809 TEU Sky Rainbow from HMM, the 1,708 TEU Jan from SM Line and the 1,809 TEU Pos Hochiminh from Pan Ocean.
CVT will have its first sailing on 26 June, when Sky Rainbow sets out from Incheon.
Korea Ocean Business Corporation, the state-backed ship finance institution, said on 15 June that it will work closely with the K-Alliance member carriers. This includes joint newbuilding orders by the member carriers, joint services and joint investments in overseas container terminals.
KOBC business strategy head Lee Jin-gyun commented, “This is a significant first step in terms of pioneering new routes through the K-Alliance and strengthening the operational competitiveness of national shipping companies. It is meaningful that we cooperate to respond to logistics demands.”