Report: New Carrier SM Shipping Starts First Service in March

Korea Line Corp. SM Shipping, a new container carrier established by South Korea’s Samra Midas (SM) Group after the group acquired Asia-US route from bankrupt Hanjin Shipping, plans to start its first service on March 8 along the East and the South China Sea, Korean news site Pulse informed.  The service will depart Busan in South Korea and stop in China, Thailand and Vietnam. The companys first full service on its Asia-North America route from Busan to Californian Long Beach Terminal  is scheduled for April 21. The companys fleet has a capacity of 47,000 TEU comprising of the recently purchased five 6,500 TEU boxships, one 4,300 TEU vessel and one 1,000 TEU containership as well as of the leased five vessels with a capacity of 2,000-3,000 TEU, according to Pulse. By 2018, SM Shipping intends to have a fleet of 21 vessels with a capacity of 110,000 TEU. In November 2016, World Maritime News reported that SM Groups Korea Line Corp. was selected as the preferred bidder to take over Hanjins Asia-US route, outbidding its compatriot shipping company Hyundai Merchant Marine (HMM). Now, the shipping firm plans to acquire Hanjins terminals in South Korea as well. SM Shipping reportedly agreed with the Seoul bankruptcy court to buy a 100% stake in Gwangyang terminal and an 85.45% stake in Gyeongin terminal. Additionally, it is likely that the firm will take over the third Hanjin terminal located in Busan. World Maritime News Staff