The quickest build up from scratch of any containerline ever continues apace with news that South Korea’s SM Line has come in for another pair of boxships. The aggressive Korean liner has pounced for two panamaxes owned by Singapore’s Seacastle Ships. The SCT Oman and the SCT Qatar, sister ships able of transporting 4,860 teu, each cost close to $10m.
Since launching on January 6 SM Line has built up a fleet of around 70,000 slots leading analysts at Alphaliner to suggest the company’s rapid fleet build up had been concluded in record time. The SM fleet now stands at around 20 ships, much of it from the rump of now defunct Hanjin Shipping.
SM Line, part of South Korean construction firm Samra Midas Group which also owns dry bulk concern Korea Line Corp, has set out an ambitious plan to become a top 20 liner within the next couple of years. Alphaliner currently places it 24th in its global rankings, poised to overtake more established names such as Sinotrans shortly. SM’s original routes have focused on the transpacific and intra-Asia.