South Korea’s Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses in an effort to expand its foothold in the maritime sector, Yonhap News Agency cited one of the company’s officials.
SM Chairman Woo told Oh-heun to "get the reputation of Hanjin Shipping back" and was ready to "take over both foreign shipping companies and expand into foreign markets."
SM Group, which was picked as the preferred bidder for STX Corp., a general trading company, last week, also purchased the now-defunct Hanjin Shipping Co.'s U.S.-Asia route
and other assets for 37 billion won (US$32 million) late last year.
SM Group plans to pour 130 billion won ($115 million) into STX.
In 2013, SM Group also acquired Korea Line Corp., the country's No. 2 bulk carrier. Korea Line currently operates some 30 vessels, hauling goods, such as iron, ore, crude oil and cars, and its financial status drastically improved after being taken over by SM Group.
SM Group also has bought other companies, including TK Chemical and Namsun Aluminum.
One of its shipping affiliates, SM Line Corp., said earlier that it would begin its services on nine routes to Thailand, Vietnam, Japan
and other regions with a fleet of 12 container ships.
The company said it aims to log 3 trillion won in sales within five years.