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.