With the government revealing it is keen to offload its stake in flagship carrier HMM, a smaller Korean boxline has emerged as a shareholder.
SM Line, which came into existence around the time that Hanjin Shipping folded five years ago, has revealed it has paid $14m to take a 0.49% stake in HMM.
SM Line recently ditched plans for an IPO. Its fleet size is approximately 11 times smaller than HMM’s. SM Line is part of SM Group, a diverse conglomerate primarily involved in construction, which also owns dry bulk and tanker concern, Korea Line Corporation.