SM Line

Seoul earmarks US$2.5 billion to boost vessel capacity of smaller box lines

As part of plans to grow the locally owned container shipping fleet, the South Korean government will set aside around US$2.5 billion to increase the fleets of SM Line and other South Korean feeder operators by 100,000 TEUs.

The kitty is targeted at SM Merchant Marine, commonly known as SM Line, Sinokor Merchant Marine, Korea Marine Transport Company (KMTC Line), Pan Ocean, CK Line, Namsung Shipping and Dongjin Shipping.

Currently, these companies have a combined boxship fleet of approximately...

https://container-news.com/seoul-earmarks-us2-5-billion-to-boost-vessel-capacity-of-smaller-box-lines/

Oferta de Hapag-Lloyd para compra de HMM Enfrenta Resistencia de Grupos Industriales Surcoreanos

La Federación de Industrias Marítimas de Corea (FKMI) y la Asociación para el Desarrollo del Puerto de Busan (BPDA) han alzado sus voces en oposición a la oferta realizada por la operadora alemana de líneas marítimas extranjera Hapag-Lloyd para adquirir el transportista insignia de contenedores de...

https://fullavantenews.com/oferta-de-hapag-lloyd-para-compra-de-hmm-enfrenta-resistencia-de-grupos-industriales-surcoreanos/?lang=es

SM Group reverses HMM takeover dream

Samra Midas Group, parent of HMM’s compatriot peer SM Line, has U-turned on its plan to acquire the state’s interest in South Korea’s flagship container carrier.

It is understood that SM Group did not submit a bid for HMM when entries closed on 21 August, even though its founding chairman Woo Oh-hyun was the first to make known his intention to acquire the company.

HMM came under state control in 2016, after exchanging its debt to policy lender Korea Development Bank, for equity. As HMM achieved...

https://container-news.com/sm-group-reverses-hmm-takeover-dream/

CJ Logistics signs up ONE as strategic partner

CJ Logistics, South Korea’s largest third-party logistics provider, signed a collaboration agreement with Ocean Network Express (ONE) on 3 August, a month after sealing similar pacts with other carriers such as Evergreen Marine Corporation and SM Line.

The liner operators hope to increase cargo volumes through CJ Logistics’ network, while the latter aims to secure competitive freight rates.

CJ Logistics and ONE have also agreed to work together to secure container volumes to and from Asia, and to...

https://container-news.com/cj-logistics-signs-up-one-as-strategic-partner/

SM Line, CJ Logistics to expand Transpacific reefer shipping

South Korean liner operator SM Line and compatriot third-party logistics group CJ Logistics will work together to expand their logistics businesses in North America, after signing a memorandum of understanding (MoU) on 21 November.

The two companies will focus on the ocean freight and trucking of reefers, providing cold chain services between South Korea’s Busan port and the US West Coast.

CJ Logistics will tap into SM Line’s ocean logistics network and temperature-controlled reefer delivery...

https://container-news.com/sm-line-cj-logistics-to-expand-transpacific-reefer-shipping/

New CEO for SM Line

South Korean liner operator SM Line has appointed Yoo Jo-hyuk as its new chief executive officer (CEO).

Yoo is taking over from Park Kee-hoon, who resigned on 29 September, citing personal reasons. Media speculation that Park stepped down in the face of falling freight rates was refuted by SM Line.

Yoo’s appointment is an internal promotion, as he was previously SM Line’s network group leader, acting CEO and head of planning and management headquarters. Prior to joining SM Line, Yoo was an...

https://container-news.com/new-ceo-for-sm-line/

SM Line ups capacity on North American west coast service

Gwangyang, South Korea’s second-busiest container port, is anticipating greater export flows to the North American west coast after SM Line decided to deploy larger vessels to its Pacific Northwest Service (PNS).

Yeosu-Gwangyang Port Authority (YGPA) said that its president, Park Sung Hyun, actively promoted Gwangyang to SM Line in the first half of the year, and both sides prepared measures to improve North American import and export logistics, working with SM Line’s Canadian branch.

Accordingly,...

https://container-news.com/sm-line-ups-capacity-on-north-american-west-coast-service/

SM Line CEO: Better to invest excess funds in HMM than to earn measly interest

SM Line CEO, Park Kee-hoon said that investing excess funds from company profits in HMM is generating better returns than leaving the money in the bank where it will earn a lowly interest.

SM Line now holds a 6.29% stake in its larger and fellow South Korean liner operator after buying HMM’s stocks on several occasions going back to December 2021, but Park insisted that his company does not intend to acquire its rival.

Speaking at a press conference on 25 July, Park said, “We recorded an...

https://container-news.com/sm-line-ceo-better-to-invest-excess-funds-in-hmm-than-to-earn-measly-interest/

Busan Port and SM Line part of consortium to operate Iraq’s Al-Faw port

Busan Port Authority, SM Line Gyeong-in Terminal and Daewoo Engineering & Construction (Daewoo E&C) have formed a South Korean consortium to negotiate the operating concessions of the container terminal that is part of the first phase of the Iraqi port of Al-Faw, which Daewoo E&C is building.

The first phase will have five container shipping berths that can each accommodate ships of up to 23,000 TEU. When fully completed in 2038, Al-Faw, with 100 boxship berths that can handle 7.5 million TEU...

https://container-news.com/busan-port-and-sm-line-part-of-consortium-to-operate-iraqs-al-faw-port/

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