SM Shipping, 'Portland' Sets Sail for the First Time... Strengthening North America Route

First Deployment of 4300TEU-Class Secondhand Ship
In Charge of Logistics Services in the US Northwest

SM Line will deploy one temporary vessel bound for the Americas to support domestic companies' exports.

According to the shipping industry on the 14th, SM Line's temporary vessel, the 4,300 TEU container ship SM Portland, departed from Busan New Port this afternoon carrying cargo from domestic export companies and is heading to Vancouver, Canada. The SM Portland is a used Panamax container ship purchased by SM Line in May to strengthen its fleet, making this its maiden voyage.

Since SM Line names its vessels after major ports of call, the SM Portland is expected to be deployed to strengthen the trans-Pacific route centered on the Port of Portland in the U.S. Northwest in the future.

Previously, in 2019, the company added Portland to its North American West Coast northern service ports of call, which already included Vancouver and Seattle, to enhance logistics services in the U.S. Northwest. In early last year, it successfully made its first call at the Port of Portland, aiming to improve profitability by creating new business demand.

SM Line plans to expand its capacity by ordering new ships and purchasing used vessels to extend its routes from the U.S. West Coast to the U.S. East Coast. According to the French maritime research firm Alphaliner, as of now, SM Line's total capacity is 70,594 TEU, ranking 23rd among global shipping companies.

The company is also actively preparing for a KOSDAQ listing within the year to become a global shipping company. In July, SM Line submitted a preliminary review application to the Korea Exchange and officially started its initial public offering (IPO) process. The securities industry expects the company's valuation to be around 3 trillion KRW. SM Line's operating profit in the shipping sector for the second quarter of this year reached 172.9 billion KRW, the highest since SM Group's acquisition in 2016, boosting profitability.

An SM Line official stated, “The SM Portland will carry export companies' logistics, depart from Busan Port, arrive in Vancouver, and then return via China,” adding, “It will play a role in strengthening the North American routes in the future.”

This content was produced with the assistance of AI translation services.