South Korea’s new mid-size container carrier SM Line Corp. said it plans to launch shipping operations on nine trade routes this year.
The company, which is built largely on the ashes of bankrupt Hanjin Shipping, will begin its services to Thailand, Vietnam, Japan, and other regions with a fleet of 12 container ships, according to Yonhap News.
The carrier said it aims to expand to 41 ships on 25 routes and log KRW3 trillion in sales over the next five years.
Of the 12 ships, the company runs six chartered ships. The fleet includes eight 6,500-TEU ships and one 4,300-TEU vessel.
Earlier, it was reported that for its maiden journey, the shipping line would ply the intra-Asia trade first before embarking on its first full trans-Pacific service on the Asia-North America route.
Late last year, SM Group, which owns South Korea’s No. 2 bulk carrier Korea Line Corp., acquired Hanjin Shipping’s U.S.-Asia route and other assets for KRW37 billion (US$32 million).
It officially launched SM Line in ceremonies January 6 this year at a former Hanjin Shipping office in Seoul.
The group has a successful history of growth through acquisition, both in its core construction business and in the maritime industry.
Photo: Alicia Fagerving
