When the new global container collaboration The Alliance was announced on Friday, one name was conspicuously absent from the roster.

Against expectations, the list of members did not include South Korean carrier Hyundai Merchant Marine (HMM), but there is a good reason for this, informs the carrier.

In a statement issued shortly after the new alliance was announced, HMM explains that it expects to join the new cooperation once the carrier has settled its debt arrangements with creditors.

Six container carriers formally announce new global alliance

HMM has been in financial dire straits for the past year, and the situation intensified at the beginning of 2016. The carrier is in the midst of negotiations with its creditors to secure a restructuring of the towering debt. But as soon as these negotiations have been settled, the carrier will join the new alliance.

"HMM's entrance into The Alliance is only being postponed as there have been several media reports since the beginning of this year about the possibility that HMM might be under court receivership. The current members of The Alliance is going to determine HMM’s participation once HMM’s business is normalized," notes the carrier.

According to Bloomberg, Hyundai Merchant Marine has been granted a three-month deferral by its creditors while the carrier is negotiating with shipowners and bond holders to restructure the debt of close to USD 4.8 billion.

HMM writes in the statement that it expects these talks completed in June. Until March next year, HMM will be part of the G6 alliance, which will seize to exist once The Alliance comes into force.

Read more about Hyundai Merchant Marine (HMM)

Korean plea to shipowners: Drastic rate decline is necessary

Rescue plan for Korean shipping giants enters 11th hour

Vulnerable container carriers can be left out in the cold

Media: Carriers getting ready for new global alliance