SM Line, part of South Korea’s Samra Midas Group and one of the fastest growing containership owners in the world, has added one of its biggest ships yet.
SM Line has bought the 12-year-old ER Tianan. The 8,204 teu ship is costing $26m, a deal that Braemar ACM Shipbroking noted shows some buyers maintain a positive outlook despite today’s rates for this ship size being 40% off the most recent highs.
SM Line was founded this January, initially feasting on the carcass of the defunt Hanjin fleet. In a very short time it has become the 23rd largest containerline in the world. Its site states it now has 23 ships, and aims to have 30 by the end of the year. The line has unveiled a raft of intra-Asia and transpacific services with more to follow.
Samra Midas is best known as a construction firm. In terms of shipping interests, it also owns dry bulk concern, Korea Line Corp.