NOL in $1.2bn boxship splurge at DSME

Singapore: Neptune Orient Lines (NOL) has gone on a $1.2bn boxship splurge at Daewoo Shipbuilding and Marine Engineering (DSME). The Singapore-headquartered line has contracted for ten 8,400 teu ships for a total cost of $975m with DSME. The vessels are due to be delivered in 2013 and 2014. NOL also signed options for two 10,700 teu ships bringing the total value of the contracts to around $1.2bn. 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. [22/07/10]