Opening New Routes to US
SM Line is planning to open routes to the east and west coasts of the US in the first half of next year.
"We are proposing various cooperation measures including joint operations with Hyundai Merchant Marine (HMM), a Korean flag carrying ocean-going shipping company, for this purpose," SM Line said in a press release on December 18.
SM Line expected that its joint operation of services to the east and west coast of the US with the Hyundai Merchant Marine would generate synergies such as boosting the two companies’ competitiveness including an improvement in their cost structures.
SM Line took its first step in December of last year by acquiring a portion of Hanjin Shipping's assets. The company launched its US route in four months since its establishment and has purchased a total of 21 vessels. The shipping company is currently running a total of 11 routes to the Americas, Asia and the Middle East.
In the meantime, an official at HMM said, “SM Line’s statement is not true and we have never received such a proposal.”