SM Merchant Marine, a subsidiary of SM Group's shipping division, announced on July 12 that it had submitted a preliminary examination for listing to the KOSDAQ headquarters of the Korea Exchange.
SM Merchant Marine explained that it plans to carry out related work with the goal of listing in the second half of the year in consideration of the 30 business days required for preliminary examination. The listing manager is NH Investment & Securities.
The business divisions of SM Merchant Marine (CEO Park Ki-hoon, Jeong Kwang-yeol) consist of the shipping and construction divisions, and are continuously growing. The shipping sector is one of the two largest national ocean shipping companies in Korea, providing optimal cargo transportation services in the Americas and Aju markets.
The construction sector has accumulated technological prowess and excellent construction capabilities through abundant practical experience, and has been recognized for its ability as a construction company leading the domestic construction culture in all areas of the construction industry by applying eco-friendly construction technology.
SM Merchant Marine's core business division, the shipping division, operates 8 routes in Asia and 4 routes in the Americas. In particular, the American route maintains a solid partnership with domestic and foreign shippers by providing differentiated services, and secures competitiveness in the global market through an excellent operating system and professional manpower.
In the future, the company plans to grow into a more competitive global container shipping company by expanding its sales force and strengthening its service network through cooperation with domestic and foreign shipping companies.
SM Merchant Marine, which took over most of the Hanjin Shipping organization, which was the number one container shipping company in Korea in 2016, is known to already have the capabilities of a listed company in terms of quality and quantity such as sales, finance, and management. The company judged that this year, which is expected to generate stable profits for a long time in the future, is the best time for an IPO according to the recovery of the container transportation market.
SM Merchant Marine announced that it has been preparing for listing since the beginning of the year in order to become a global company as well as the two major national ocean shipping companies representing Korea. On a consolidated consolidated basis in the shipping and construction sectors, the company recorded sales of approximately KRW 1.328 trillion, operating profit of KRW 140.6 billion, and net profit of KRW 107.6 billion in 2020, achieving a steep performance improvement.
Park Ki hoon, CEO of the shipping division, said, “All employees will do their best to secure competitiveness to preemptively respond to an uncertain future without being complacent with the current boom.” Through this, we will solidify our competitiveness as a construction company equipped with the best technology and construction capability.”
