SM Line is to withdraw four vessels from its services to Indonesia as Korea Shipping Partnership (KSP) member companies begin to streamline their services to avoid duplication.
Set to begin operations in the first quarter of 2018, KSP is a quasi-alliance of local liner operators looking to restore confidence in South Korean shipping companies after a series of highly publicised crises.
The alliance comprises Hyundai Merchant Marine (HMM), SM Line Corporation, Heung-A Shipping, Dongjin Shipping, Sinokor Merchant Marine, Hansung Line, Pan Continental Shipping, Namsung Shipping, Korea Marine Transport Co., Ltd, Pan Ocean, CK Line, Dongyoung Shipping, Doowoo Shipping, and Taiyoung Shipping. The Ministry of Oceans and Fisheries (MOF) and the Korea Shipowners