SM Line takes on one of its largest ships to date

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.

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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