However, the global port operator increased container throughput by 5.5 percent from 2015.
Star Cool CA+ was established to extend the market reach of sensitive, low-respiring perishables, building on Maersk Container Industry’s Star Cool CA system for high-respiring fresh produce.
Korea Development Bank, DSME’s largest shareholder and main creditor, and the Export-Import Bank of Korea said they would provide funds to boost the shipbuilder’s cash flow and convert its liabilities into equity to cut debt.
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Ocean carriers entering the market in 2010 and 2011 had a tough time, but SM Line said it believes it is timing its entrance into the transpacific market well, noting how freight rates are improving.
Analysts have speculated ZIM could be the next firm swept up in the wave of consolidation in the ocean shipping industry, but the Israeli carrier has outright rejected the idea it is looking to sell its global operations.
The London-based shipping research and consulting firm said expenses have been cut to the bone in the past two years, so increases would not be unexpected.