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.

Source: Splash247