The new container carrier SM Line, owned by South Korean Samra Midas
(SM) Group, will launch its first service in the second week of
March.


The shipper which took over Hanjin''s service network between Asia and
the US, will also take over several of Hanjin''s terminals in South
Korea.

According to a report in Pulse, it will set sail on its maiden voyage
on March 8 along the East and South China Sea with 1,000 twenty-foot
equivalent (TEU) container onboard.

The fledgling shipper’s first cargo service will depart Busan port
in southern Korea and stop at China, Thailand, and Vietnam, according
to shipping industry sources on Sunday.

The carrier’s first full service in its Asia-North America route -
leaving Busan and arriving at Long Beach Terminal in California, U.S
- is scheduled on April 21. The company plans to establish
reservation system for consignors by the end of this week.

Last month, SM Shipping following Korea Line’s acquisition of
Hanjin Shipping (117930.KS)’s Asia-North America shipping route,
reached an agreement with the Seoul bankruptcy court handling
reorganization of Hanjin Shipping to purchase a 100 percent stake in
Gwangyang Terminal and an 85.45 percent stake in Gyeongin Terminal
from the country’s former largest shipper.

When SM Group was chosen as the preferred bidder for the acquisition
of Hanjin Shipping’s Asia-U.S. operation, it was given rights to buy
other sellable assets including the two terminals.

SM Lines is also mulling acquisition of Hanjin Group’s Busan New
Port Terminal.