Borealis Maritime is expanding its fleet with pair of sub-panamax boxships bought for about $22.6m.

The UK-managed operation has emerged as the buyer of the 2,510-teu Hermes (built 2006), one of four former Hansa Treuhand-financed sub-panamaxes that were declared insolvent in May 2016.

The Hermes was bought for $10.3m and was delivered to its new owner on 3 May, market sources said.