South Korea’s SM Line is believed to have sold a trio of neo-panamax boxships to a Chinese leasing company for nearly $100m.

The 8,586-teu SM New York (built 2010), SM Norfolk and SM Savannah (both built 2011) are said to have been bought by International Far Eastern Leasing Co for around $33m each.

The transaction includes a five-year charter to Maersk Line from the second quarter of 2020 at $19,000 per day, which is significantly below spot-market rates.