Five vessels previously owned by South Korea’s bankrupt carrier Hanjin Shipping are to be deployed in the first service of SM Line, a new shipping firm formed by Samra Midas (SM) Group.

On February 14, SM Line acquired the five 6,655 TEU boxships for USD 60 million, VesselsValue’s data shows.

The ships in question are Hanjin Bremerhaven, Hanjin Budapest, Hanjin Port Kelang, Hanjin Tianjin and Hanjin Xiamen and all of them were built by South Korea’s shipbuilder Hyundai Heavy Industries (HHI) between 2006 and 2007.

The recent purchase is in line with SM Line’s plan to enlarge its fleet. By 2018, the company intends to have a fleet of 21 vessels with a capacity of 110,000 TEU.

After SM Group took over Hanjin’s Asia-US route, its newly established unit plans to start its first service on March 8 along the East and the South China Sea.

The service will depart Busan in South Korea and stop in China, Thailand and Vietnam. Additionally, the firm’s first full service on its Asia-North America route is scheduled for April 21.

What is more, SM Group reportedly plans to acquire stakes in Hanjin’s terminals in South Korea. The firm recently agreed with the Seoul bankruptcy court to buy a 100% stake in Gwangyang terminal and an 85.45% stake in Gyeongin terminal. In addition, it is likely that the company will buy the third Hanjin terminal located in Busan.