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HMM originated from Asia Merchant Marine established by Hyundai Group in 1976, when a large number of ships built by Hyundai Heavy Industries, a subsidiary of Hyundai Group, were abandoned by buyers due to the oil crisis in the 1970s, and Hyundai Group was forced to set up Asia Merchant Marine.

SM Line was launched in 2016, after SM group purchased the operations of bankrupt Hanjin Shipping.The state assumed control of HMM in 2016, after KDB swapped debt for equity.

Market observers told it made sense for HMM to merge with SM Line, as it would be “more pragmatic” for South Korea to have just one ocean-going carrier.