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SM Line to sign pact with Busan maritime ecosystem   11/04/2018
SM Line Corporation will sign an agreement with municipal authorities and members of Busan’s maritime community on 10 April.

SM Line containers

SM Line Corporation will sign an agreement with Busan municipal authorities. Credit: SM Line

The pact is part of a wider plan on the part of Busan’s municipal authorities to develop the South Korean port city into a maritime hub, by promoting imports and exports through South Korea’s busiest port.

Other signatories to the pact are the Korea International Freight Forwarders Association, Busan Chamber of Commerce, and Korea International Trade Association.

Backed by the Samra Midas Group, which also owns Korea Line Corporation and Korea Shipping Corporation, SM Line was established by Samra Midas Group in late 2016 to acquire the trans-Pacific and intra-Asia portfolios of the now-defunct Hanjin Shipping, the country’s once largest shipping company that went bust in February 2017.

By the end of June, SM Line will be based out of Busan, after acceding to the city’s authorities’ request, pledging its commitment to be part of Busan North Port and boost the port’s transhipment volumes.

The relocation would make SM Line the first South Korean liner operator to be based in Busan, which is already home to many ship management firms.

Busan’s authorities said they are seeking a win-win solution for liner operators and cargo interests and will explore specific projects based on close co-operation.

“With the signing of this agreement, through the co-operation between local commercial, trade, and logistics enterprises, the volume of imports and exports would be strengthened and Busan Port can be developed into a global shipping centre,” Busan mayor Suh Byung-soo said.

 




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