SEOUL -- South Korea's new container carrier, SM Line, has agreed to step up cooperation with China's major state-owned shipping company, COSCO, as part of efforts to launch joint routes with domestic and foreign partners.
SM Line said Tuesday that CEO Kim Chil-bong visited COSCO's headquarters last week for concrete discussions on global cooperation between the companies.
China COSCO Shipping was a former business partner of Hanjin Shipping, which was liquidated in February last year under a government-led program to restructure South Korea's ailing shipping industry. SM Line was launched following the acquisition of Hanjin's U.S.-Asia route.
SM Line said it agreed with the Shanghai-based Chinese company to step up ties gradually, starting with working-level talks on joint work in Asia. This week, SM Line launched a new joint route with two local partners to cover ports in China, Thailand and Vietnam in an effort to beef up its presence in the competitive market.