SOUTH Korea's shipping firm SM Line is expanding its fleet with the acquisition of the 2009-built 4,228 TEU box ship Arguello from UK-based Borealis Maritime, reports Singapore's Splash 247.
Alphaliner is reporting a price to be in excess of US$37 million 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 $36.8 million.
The acquisition of the Arguello will bring SM Line's controlled fleet to 12 box ships with a total capacity of around 60,000 TEU, according to Alphaliner.
The South Korean liner is planning for an initial public offering on the local stock exchange in Seoul by the end of this year.
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