NOL Group buys vessels worth US$1.2 bln

The shipping and logistics company is investing in 12 new vessels to meet future growth needs and to replace those with soon-to-expire charter agreements.

Neptune Orient Lines Group (NOL Group) on Wednesday announced an order for 10 new 8,400-TEU (twenty-foot-equivalent unit) container ships to be delivered in 2013 and 2014. It has also signed a letter of intent for two 10,700-TEU vessels. The orders are worth approximately US$1.2 billion in aggregate.

The ships will be constructed by South Korea-based Daewoo Shipbuilding & Marine Engineering Co. The two organisations signed a contract for construction of the 8,400-TEU vessels in a formal ceremony on Wednesday.

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