Korea bags NOL boxship dozen

16 Jun 2011

Singapore-based NOL Group signed letters of intent with two South Korean shipbuilders to build 12 new container vessels for its APL subsidiary.

The order would include 10 14,000TEU vessels from Hyundai Samho Heavy Industries and two 9,200TEU vessels from Daewoo Shipbuilding & Marine Engineering. NOL said it is upgrading a 2010 order placed with Daewoo for ten 8,400TEU ships. These vessels will now be upgraded to 9,200TEU capacity each and will employ new, more efficient design and technology. The total consideration for the new vessels and upgrades would be about $1.54 billion with deliveries scheduled for 2013 and 2014. 

The 14,000TEU ships will be NOL’s largest and most fuel efficient and the shipowner said they will be deployed in its Asia-Europe trade. The 9,200TEU vessels are likely to be employed in the Trans-Pacific trade.

NOL said it is investing in new, larger vessels to reduce unit capital and operating costs, meet future growth needs and replace older and smaller chartered vessels that will be returned to their owners in the charter market. When delivered, the new vessels will enable NOL’s shipping line, APL, to provide more efficient, reliable service to customers.

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