Nissen Kaiun of Japan has sold Wan Hai Lines, a nine-year-old 1,700teu ship. Wan Hai is paying US$10.4m for the Imabari-built IS Japan, according to brokers. Nissen Kaiun has been paring back its diverse fleet all year.

Wan Hai, the 18th largest containerline in the world, has been using the low vessel price environment of late to bolster its fleet size. In June, it signed for eight 1,900 teu ships at Japanese yard Naikai Zosen. The ships will deliver in two years' time.