SK Shipping has become the latest korean line to announce a major restructuring.

South Korea's fourth largest shipping firm will split its shipping and non-shipping units from April 1. SK Maritime, a new entity, will take over SK Shipping's non-shipowning duties such as bunkering. SK Shipping is on track to post losses of over US$150m for the full year 2016. It is part of the SK conglomerate or chaebol that is also a big name in South Korean oil refining and telecommunications. The line has also revealed it has cancelled the period charters of 20 ships in recent months.