SM Line pays $24m for 2006-built post-panamax

SM Line, the new South Korean carrier, continues its rapid fleet expansion. Founded by the Samra Midas Group last December, SM Line has launched transpacific and intra-Asia services very fast. Its website states it currently has 23 ships with plans to have 30 vessels by the end of the year.

Brokers report its latest acquisition is the 8,533 teu Lloyd Don Carlos. SM Line is reported as paying a hefty $24m to Germany’s E R Schiffahrt for the 2006-built ship, despite a firming in post-panamax rates, with 8,500 teu vessels now achieving in region of $14,500 a day for period. The ship will likely be deployed on SM’s transpacific operations.

In addition to the container line, Samra Midas, best known as a construction firm, also owns dry bulk concern, Korea Line Corp.

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.
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