South Korean shipping firm SM Line is expanding its fleet with the acquisition of 2009-built 4,228 teu boxship Arguello from UK-based Borealis Maritime.
Alphaliner is reporting a price to be in excess of $37m for the classic panamax currently on charter to Sea Lead Shipping.
Online pricing platform VesselsValue has the Liberia-flagged 51,300 dwt vessel at close to $36.8m.
According to Alphaliner, this acquisition will bring SM Line’s controlled fleet to 12 boxships with a total capacity of around 60,000 teu.
The South Korean liner is planning for an initial public offering on the local stock exchange in Seoul by the end of this year.