£960m new build programme for NOL

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Container shipping firm Neptune Orient Lines has signed contracts worth some £960 million ($1.54bn) for upgrades and 12 new container vessels, including ten of its largest and most efficient vessels.

The contracts are for ten 14,000-TEU vessels with Hyundai Samho Heavy Industries, two 9,200-TEU vessels with Korea’s Daewoo Shipbuilding & Marine Engineering, and the upgrade of ten 8,400-TEU vessels to 9,200-TEU vessels, also with Daewoo.

Singapore-based NOL has agreed to charter five of the newly ordered 14,000-TEU container vessels to alliance partner, Mitsui OSK Lines for three years after they are delivered. This is to upgrade service in The New World Alliance.

All of the ten 14,000-TEU container ships which NOL will take delivery of between 2013 and 2014 will be deployed on existing Asia-Europe routes. Half will be operated by NOL’s container shipping line APL, the other half by MOL.

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