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Fierce rivalry breaks out between Hyundai and SM Line for shippers
来源： 编辑：编辑部 发布：2018/03/22 10:41:20
KOREAN rivals Hyundai Merchant Marine (HMM) and SM Line are competing hard for shippers at home and abroad, reports Business Korea.
Hyundai Merchant Marine Co. (HMM) and SM Line Corp have succeeded in establishing partnerships with large companies one after another.
Earlier, the two companies decided to find ways to survive separately rather than cooperation between the national flag carriers under the government’s intervention.
According to shipping industry sources, HMM signed a long-term contract worth KRW190 billion (US$177.3 million) with GS Caltex Corp to ship crude oil for the next five years. HMM also signed a long-term shipping contract with GS Caltex on February 1 to deploy two Very Large Crude Carriers (VLCCs).
SM Line decided to ally itself to Cosco, mostly because as a small container carrier it had been largely formed from assets of bankrupt Hanjin Shipping, which was already in an alliance with Cosco, now Asia's biggest shipping line.
SM Line CEO Kim Chil-bong recently met with Cosco Shipping Lines CEO Wang Haimin to discuss detailed issues to enhance collaboration between the two companies.
The two companies have agreed to expand the scope of cooperation to the ocean, including the Americas, in the medium and long term.
Said an SM Line official: “When SM Line recovers 600,000 TEU of the shipping capacity of former Hanjin Shipping through financial support at the group level and financial support from domestic financial companies at the right time, the company will be able to recover partnerships with global large shipping companies, including Cosco, early.
Hyundai Merchant Marine Co. (HMM) and SM Line Corp have succeeded in establishing partnerships with large companies one after another.
Earlier, the two companies decided to find ways to survive separately rather than cooperation between the national flag carriers under the government’s intervention.
According to shipping industry sources, HMM signed a long-term contract worth KRW190 billion (US$177.3 million) with GS Caltex Corp to ship crude oil for the next five years. HMM also signed a long-term shipping contract with GS Caltex on February 1 to deploy two Very Large Crude Carriers (VLCCs).
SM Line decided to ally itself to Cosco, mostly because as a small container carrier it had been largely formed from assets of bankrupt Hanjin Shipping, which was already in an alliance with Cosco, now Asia's biggest shipping line.
SM Line CEO Kim Chil-bong recently met with Cosco Shipping Lines CEO Wang Haimin to discuss detailed issues to enhance collaboration between the two companies.
The two companies have agreed to expand the scope of cooperation to the ocean, including the Americas, in the medium and long term.
Said an SM Line official: “When SM Line recovers 600,000 TEU of the shipping capacity of former Hanjin Shipping through financial support at the group level and financial support from domestic financial companies at the right time, the company will be able to recover partnerships with global large shipping companies, including Cosco, early.