rss icon Subscribe
desktop mobile

SM Group Mulls More Takeovers

Photo: SM Line Corp

Aiswarya Lakshmi

South Korea's Samra Midas Group (SM Group) said that it is looking to acquire some overseas shippers, among other businesses in an effort to expand its foothold in the maritime sector, Yonhap News Agency cited one of the company's officials.

SM Chairman Woo told Oh-heun to "get the reputation of Hanjin Shipping back" and was ready to "take over both foreign shipping companies and expand into foreign markets."
SM Group, which was picked as the preferred bidder for STX Corp., a general trading company, last week, also purchased the now-defunct Hanjin Shipping Co.'s U.S.-Asia route and other assets for 37 billion won (US$32 million) late last year.
SM Group plans to pour 130 billion won ($115 million) into STX.
In 2013, SM Group also acquired Korea Line Corp., the country's No. 2 bulk carrier. Korea Line currently operates some 30 vessels, hauling goods, such as iron, ore, crude oil and cars, and its financial status drastically improved after being taken over by SM Group.
SM Group also has bought other companies, including TK Chemical and Namsun Aluminum.
One of its shipping affiliates, SM Line Corp., said earlier that it would begin its services on nine routes to Thailand, Vietnam, Japan and other regions with a fleet of 12 container ships.
The company said it aims to log 3 trillion won in sales within five years.

Mar 20, 2017

 

Finance

Norway SWF Dumps 3 Shipping Firms

Photo: Studio Fasching, Chittagong, Bangladesh, 2017 -  NGO Shipbreaking Platform

The Norwegian Central Bank  has decided to exclude ship owners Evergreen Marine Corporation

Navios Maritime Containers Acquires Boxship

File Image: Navios Maritime Containers

Navios Maritime Containers, a growth vehicle dedicated to the container sector, announced that it

SBM Offshore Hands over FPSO Turritella to Shell

Turritella (Photo: Shell)

SBM Offshore said it has completed the transaction related to the sale of floating production

Logistics

G E Shipping Sells Supramax

Photo: The Great Eastern Shipping Co. Ltd.

India’s largest private sector shipping company  Great Eastern Shipping Company Limited (G E

Global Ship Lease Extends TC with CMA CGM

Photo: CMA CGM

Global Ship Lease, a containership charter owner, announced that it has agreed to an extension of

Diana Shipping Enters into TC Contract with Uniper

Photo: Diana Shipping Inc.

Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered

Maritime Apps