South Korea’s flag carrier HMM has denied rumours carried in the local press that the company is looking to take over the transpacific portfolio from compatriot liner SM Line.
Local media had reported that the Ministry of Ocean and Fisheries had made plans to consolidate all long-haul container shipping services into one platform in an effort to reduce competition among local containerlines.
When contacted by Splash, a spokesperson for HMM denied the news reports.
Following a massive restructuring two years ago, HMM has tried to focus on tradelanes that it knows best, with a strong push on intra-Asia, the transpacific and Asia-Europe. The company exited the transatlantic trades from June this year.
This month, HMM secured a $5.4bn funding from the government-led Korea Ocean Business Corporation (KOBC) for business expansion projects including the acquisition of newbuildings and container terminal assets.