SM Line CEO Park Kee-hoon quits as freight rate decline continues

Park Kee-hoon. Photo: SM Line

SM Line CEO Park Kee-hoon resigned today, as liner operators continued to grapple with falling freight rates.

Mr Park cited personal reasons, but South Korean media is speculating that his departure is related to an imminent restructuring at SM Line. Freight rates on the transpacific have been falling for the past four months.

Unlike other liner operators, SM Line has few shipper clients locked into contracts as the company opted to focus on spot bookings, and it is heavily dependent on liner ...