SM Line buys into HMM

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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