SM Line visualizes another leap forward with IPO

[Photo provided by SM Line Corp.]

SM Line Corp., the container shipping unit under Samra Midas (SM) Group in South Korea, projected a huge leap forward after going public by the end of the year.

“SM Line is growing as a leading unit of the group’s shipping business sector,” said SM Group Chairman Woo Oh-hyun on Monday while pledging a support for the company to help the country’s exporters and strengthen its position in the global market.

The company plans to broaden its business on the American route and expand network in Asia by joining K-Alliance, an alliance of Asian ocean carriers.

In order to enhance digital capabilities, SM Line will continue to share its technology and data with various parties in the shipping and logistics industry as part of activities under the Global Shipping & Digitalization Consortium (GSDC).

The company will also increase investments in strengthening environmental, labor and human right protection to improve its environment, social and governance (ESG) performance. It will rapidly respond to the International Maritime Organization (IMO)’s tougher environmental regulations and solidify its cooperation with other shippers, partners and regional societies.

It decided to offer its 6,500 twenty-foot equivalent unit (TEU) vessel called SM Ningbo heading to the United States to aid domestic shippers suffering from shortage of vessels. The ship is scheduled to depart from the Busan Port on May 30.

“We will not be content with the recent strong earnings performance, but keep working hard to prepare for any unexpected circumstances in the post-pandemic era,” said SM Line CEO Park Ki-hoon.

SM Line plans to go public in the second half of this year. It named NH Investment Securities its initial public offering (IPO) underwriter.

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