NOL Group Orders New Container Ships

Global shipping and logistics company NOL Group 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 total consideration is approximately $1.2b.

The ships will be constructed by South Korea-based Daewoo Shipbuilding & Marine Engineering Co.  The two organizations signed a contract for construction of the 8,400-TEU vessels in a formal ceremony July 21. NOL said it is investing in new vessels to meet future growth needs and to replace vessels with charter agreements that will expire in the next few years.