A new contingency plan has been developed by the members of THE Alliance, who are taking precautionary measures following Hanjin Shipping’s bankruptcy.
While getting ready for the official launch next month, THE Alliance members announced they will establish an independent trustee “in the unlikely event a member suffers a bankruptcy”.
The trustee will be responsible for managing the funds to continue the alliance’s operations and guarantee that customers’ cargo will reach its final destination.
Hapag-Lloyd, K Line, MOL, NYK and Yang Ming said in a joint statement: “Customers’ reaction to the incident last summer showed a clear demand for such a safety net and the partners of THE Alliance are proud to present the first contingency plan of its kind in liner shipping.”
When Hanjin filed for bankruptcy protection last summer, the liner industry faced logistics havoc with vessels stranded and cargo unable to get unloaded in ports around the globe.
THE Alliance will kick-off its operations in April and has finalized a network of 32 services to be served by 240 ships.
