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Side agreement creates broad transpacific network. Hyundai, "K" Line to end Pacific slot exchange.
Korea's Hyundai Merchant Marine and carriers of the Global Alliance have decided to cooperate in the operation of at least 72 containerships in the transpacific and Asia/Europe trades.
The cooperation will reshape the Global Alliance, which is set to lose P&O Nedlloyd Container Line as one of its members.
Global Alliance members American President Lines, Orient Overseas Container Line and Mitsui O.S.K. Lines have signed a five-year agreement with Hyundai to share vessel space and coordinate sailings, though Hyundai will not become a member of the alliance.
The cooperation will work under a side agreement between the Global Alliance and Hyundai, said Ron Widdows, APL's vice president of operations.
Having signed this agreement, Hyundai will end its transpacific slot exchange agreement with "K" Line at the end of the year.
Hyundai and the alliance …