Hyundai Merchant Marine Co., (HMM) one of South Korea’s biggest shipping lines, has established a solid foundation to guarantee normalized operations for the future.

CEO Paik Hoon Lee said in a statement the company has concluded its financial restructuring plan.

Key elements of the new plan include:

The sale of non-core assets that will assure adequate working capital to sustain uninterrupted operations.

The re-negotiation of more favorable long term vessel charter rates to improve our cost effectiveness.

The inclusion of HMM in the 2M Alliance which will position us for long-term service, cost and operational competitiveness.

The 2M Alliance controls about one-third of the Asia-Europe trade route, the world’s most lucrative, and includes Maersk Line and Mediterranean Shipping Co.

In addition, the state-run Korean Development Bank (KDB) has become the company’s largest shareholder.