NOL Group finalises 12-ship order for Daewoo

The global shipping and logistic company now has a total of 12 vessels on its orders list with the addition of two 10,700-TEU vessels.

Neptune Orient Lines Group (NOL Group) on Monday finalized an order to build two new 10,700-TEU (twenty-foot-equivalent unit) container ships for delivery in 2012. These two vessels are part of a 12-ship order valued at US$1.2 billion to be built by Daewoo Shipbuilding & Marine Engineering Co., a release from NOL Group said.

NOL first announced the project on 21 July.

The two organizations signed a contract to construct the 10,700-TEU vessels in a ceremony on 16 August in Seoul.

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.