Singapore-based OM Maritime has outbid liner shipping’s big guns by paying close to $60m for a 15-year-old panamax boxship.

The company is forking out up to $58m to take the 5,060-teu S Santiago (built 2006) from the fleet of Andreas Hadjiyiannis-led Cyprus Sea Lines (CSL).

The company will effectively be paying $40m more than what might have been the asking price for the vessel at the start of the year.