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. The company said it aims to log 3 trillion won in sales within five years.
SM Line has emerged as a new container line to take the place of Hanjin Shipping with the Asia-US assets that have been bought out from the bankrupt carrier. SM Group has a successful history of growth through acquisition, both in its core construction business and in the maritime industry.