Heung-A Line

Sinokor, Heung-A rationalise East Asia services

South Korean feeder operator Sinokor Merchant Marine and its subsidiary Heung-A Line will streamline their South Korea-Japan and South Korea-China services, to cut service duplication.

The two companies each run an independent South Korea-South China service, which will be replaced by a joint service.

Heung-A will cease its independent SCS service while Sinokor will end its joint NSC service with Pan Ocean. The services will be replaced by a new service called SCX, which will be jointly operated...

https://container-news.com/sinokor-heung-a-rationalise-east-asia-services/

K-Alliance starts operations 

Five South Korean liner operators began their code-sharing arrangement on intra-Asia routes on 1 September.

HMM, SM Line Corporation, Pan Ocean, Sinokor Merchant Marine and Heung-A Line have started joint intra-Asia services under the K-Alliance that was engineered by the Ministry of Oceans and Fisheries (MOF) and state-backed ship finance provider Korea Ocean Business Corporation last year.

There are 13 South Korean liner operators active in the intra-Asia segment and the MOF was concerned about...

https://container-news.com/k-alliance-starts-operations/

South Korea’s K-Alliance to launch in 2021

Five South Korean liner operators will codeshare on services to Southeast Asia in Q2 2021, after acceding to a request by the Ministry of Oceans and Fisheries (MOF).

Tentatively called the K-Alliance, the codesharing arrangement was signed on 23 December 2020, between the ministry, HMM, SM Line Corporation, Pan Ocean, Sinokor Merchant Marine and the latter’s subsidiary, Heung-A Line.

Due to a resurgent Covid-19 wave in South Korea, the agreement was signed through video-conferencing.

Southeast...

https://container-news.com/south-koreas-k-alliance-to-launch-in-2021/

Seoul unveils grand plan for container shipping

The South Korean government wants to boost the container carrying capacity of the country’s liner operators to 1.2 million TEU by 2025.

The Minister for Oceans and Fisheries, Moon Seong-hyeok, announced, on 12 August, a development to the five-year plan that was originally unveiled in 2017 to revive the country’s maritime industry after Hanjin Shipping collapsed.

State-backed ship finance institution Korea Ocean Business Corporation will provide the capital for ship owners to order new ships or...

https://container-news.com/seoul-unveils-grand-plan-for-container-shipping/

South Korean liner alliance in dispute with Busan Port Authority

Korea Shipping Partnership (KSP), a quasi-alliance of South Korea’s liner and feeder operators, are seeking arbitration with regard to Busan Port Authority’s request that the carriers bear additional costs of KRW4.6 billion (US$3.76 million) for operating the multi-purpose terminal in Busan New Port for the past year.

KSP said on 1 June 2020 that it had requested mediation from the Korea Commercial Arbitration Board.

While additional equipment was installed at the terminal, cargo volumes were...

https://container-news.com/south-korean-liner-alliance-in-dispute-with-busan-port-authority/

KMTC Line maintains leading role among South Korean feeder operators

Korea Marine Transport Company (KMTC Line) has retained its crown as the best performing South Korean feeder operator in terms of earnings.

All 12 privately owned South Korean feeder operators have released their 2019 results as required by law for companies with assets exceeding KRW12 billion (US$9.67 million).

In 2019, KMTC Line reported revenue of KRW1.84 trillion (US$1.59 billion), up 13.5% year-on-year, while net profits more than doubled to KRW36.66 billion (US$31.71 million). The company...

https://container-news.com/kmtc-line-maintains-leading-role-among-south-korean-feeder-operators/

Distancing emphasised between Heung-A Line and troubled former parent

The Korea Shipowners’ Association has issued a statement to reassure the market that Heung-A Shipping’s debt restructuring has nothing to do with the liner operator Heung-A Line.

In December 2019, the ailing Heung-A Shipping sold its container liner operations to compatriot peer Sinokor Merchant Marine, whose CEO, Chung Tae-soon, is also the current chairman of the Korea Shipowners’ Association. Heung-A Line operates ships aggregating 31,282TEU, including nine owned vessels.

Selling off the...

https://container-news.com/distancing-emphasised-between-heung-a-line-and-troubled-former-parent/