NOL Group orders new container ships

The global shipping and logistics company NOL Group recently announced an order for 10 new 8,400 TEU 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 US$1.2 billion.

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.

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.