P&O Nedlloyd orders $130m new containers

P&O Nedlloyd has placed new orders for general purpose and reefer con
tainers worth US$ 130 million in total. The new containers will replace older
equipment and expiring leases.

A total of 59,000 teu of general purpose containers consisting of a
mixture of 20ft,40ft and 40ft high cube containers have been ordered from
China International Marine Containers Group (CIMC) Hong Kong ,Jindo
Corporation Korea and Hyundai Mobis Korea. All of these containers will
be built in China and delivered to P&O Nedlloyd from March 2001 onwards.

In addition an order of 3000 40ft high cube reefers was placed with China
International Marine Containers Group (CIMC) Hong Kong for produc
tion in China. The reefer containers will be equipped with the latest
Thermoking CRR-40 refrigeration systems and will be introduced into the
fleet in two batches, the first arriving in Jan/Feb 2001.

Commenting on the new contracts, Arjen Uytendaal, P&O Nedlloyd's Dire
ctor of International Container Management, said: "This investment sho
ws again our continued commitment to our customers. Our continuous dr
y cargo replacement programme is further improving the average age of
our container fleet while at the same time reducing our cost base. In
2001 we are planning to invest in 3000 40ft high cube reefers, a figu
re that is almost double that of our 2000 investment. This gives a c
lear indication of the value that we place on this aspect of our busin
ess and the intention to meet the needs of our customers both operatio
nally and technically ."

P&O Nedlloyd is one of the worlds largest container shipping lines wi
th 136 owned and chartered vessels, and in excess of 700,000 owned and
leased containers.