The Transpacific Stabilization Agreement (TSA) has elected Hanjin Lines president Kim Young Min as the new chairman of its executive committee, replacing Neptune Orient Lines CEO Ron Widdows.
Kim worked at Citibank for two decades before joining the Hanjin Group in 2001 as CEO of their US terminal operator Total Terminals International, the Journal of Commerce reported.
He became Hanjin's senior vice president in 2004 before being appointed chief operating officer.
The TSA's executive committee also voted to accept the application of Maersk Line to rejoin the group, bringing the number of member carriers to 15.
The changes at the TSA come at a crossroads for the shipping trade, after a year of heavy losses due to the global recession.
Container lines have announced a raft of rate increases in a bid to make carriers profitable again and it is hoped the expansion of the TSA's executive committee will increase its influence when negotiating on contracts.
During Ron Widdow's time as TSA president the group established a stronger relationship with shippers.
'It's now time for somebody else to have an opportunity,' Mr Widdows said.
'With the addition of five carriers over the last couple of years, including CMA CGM, MSC, China Shipping and Zim, with Maersk being the last, all of the carriers that are material to shipping from Asia to the US are now in the room.'
Maersk's addition to the group, as the world's largest container shipping company, will further strengthen its position on the rate increases the group is calling for in 2010/11 contracts.
