News / SM Line in the red as market regressed in 2023

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SM Line, South Korea’s only ocean-going container carrier, incurred a net loss for the first time since its start-up phase in 2019, as all 13 non-listed South Korean container lines reported significantly reduced earnings in 2023 (these companies report their previous year’s accounts in the middle of the following year).

Established by the Samra Midas group to take over the business of Hanjin Shipping, which went bankrupt in 2017, SM Line’s revenue fell 66% year-on-year to $564.3m, and the company suffered ...