SM Line adds two more boxships

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.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button