- SM Line announces that it is preparing for an initial public offering (IPO) in the second half of the year.
- The shipping company has recently selected NH Investment & Securities as the lead manager.
- The company said it will invest the funds raised through the IPO in ships and container equipment to expanding its business capabilities in eastern America and Asia.
A recent news article published in the Business Korea reveals that SM Line is preparing for an IPO in the 2nd half of 2021.
Performance of SM Line last year
SM Line stabilized its U.S. service last year based on cooperation with 2M, the world’s largest shipping alliance.
It greatly improved its profit structure by cutting costs throughout the company.
In addition, it achieved the best business performance since its inception thanks to a recovery in freight rates.
Confident on the surplus trend
“We are going to continue the surplus trend in 2021 and will promote the launch of the Korea-U.S. East Coast service in the mid- to long-term,” an SM Line official said.
“We will also actively participate in the ‘K-Alliance,’ a coalition of Korean shipping companies covering the Asian region.”
SM Line has set its operating profit target for 2021 at more than 200 billion won, the official said.
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Source: Business Korea
