Hyundai Merchant Marine has struck a slot exchange and purchase deal with the 2M Alliance rather than fully joining the alliance. This may reflect regulatory risks. Maersk is already acquiring Hamburg Sud, so taking on HMM into the alliance with MSC would give the combined group 57% of the Brazilian containerized market and 19% of the U.S.-inbound market. Maersk and MSC are also expanding with vessels bought from HSH. Finally, the U.S. DoJ has already asked the FMC to be more hawkish when reviewing alliances.
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