SM Line Launches New Shipping Services
South Korea's new container carrier, SM Line, which is built mainly on the remains of collapsed Hanjin Shipping, plans to kick off operations with as many as nine routes this year. According to Yonhap, it will begin its services to Thailand, Vietnam, Japan and other regions with a fleet of 12 container ships. The carrier then wants to grow to 41 ships on 25 routes over the next five years. Late last year, SM Group, which owns South Korea's No. 2 bulk carrier Korea Line Corp., acquired now-defunct Hanjin Shipping Co.'s U.S.-Asia route and other assets for 37 billion won (US$32 million). Of the 12 ships, the company runs six chartered ships. Its fleet includes eight 6,500 TEU-ships and one 4,300 TEU-vessel, SM Line said.
Hanjin Wants to Sell to Maersk
The Seoul Central District Court has approved a divestment of Hanjin Shipping's Asia-US network and the bankrupt carrier has encouraged Maersk Line to bid on the assets, according to The Korea Economic Daily. It was reported that the ailing Korean shipping company recently contacted Maersk Line, the world's largest container shipping company, to take part in the bidding for the deal. According to the Court on October 13, Hanjin Shipping is set to undertake a main bidding on November 7 after making a business transfer notification on October 14 and taking letters of intent by the 28th. "The value of Hanjin Shipping falling rapidly in continuation of the ongoing logistical crisis, we will try to sell the assets as quickly as possible," said a spokesman from the court according to the media.
