Thursday, June 16, 2011

NOL Signs Letters of Intent on Twelve New Freight Container Shipping Vessels

Ten on Order Already to be Expanded
Shipping News Feature

SINGAPORE – Neptune Orient Lines (NOL) has announced that they have signed letters of intent for ten new container vessels with yards in South Korea to improve capacity on the shipping lines Asia- Europe and trans-Pacific services. The company has also requested the expansion of designs already on order.

Valued at $1.54 billion, the company has effectively ordered ten 14,000 TEU vessels from Hyundai Samho Heavy Industries and two ships of 9,200teu from Daewoo Shipbuilding & Marine Engineering. The ten vessels to be upgraded were already on order from Daewoo and shall be increased in size from 8,400TEU to 9,200TEU.

The vessels are scheduled for delivery in 2013-14 to NOL’s container subsidiary APL and will replace existing ships and chartered vessels to improve on fuel economy in the face of continuing problems with erratic oil prices, reduce operational costs and environmental impact with new technology aboard the ships, and deal with a foreseen need for extra capacity on the company’s China routes.

The orders are the latest from a major shipping line in an industry aiming to maintain efficiency in the face of the problems highlighted above. In March OOCL ordered ten new vessels from Samsung in Korea, whilst Moller Maersk has gone so far as to order ten of the biggest container vessels (18,000TEU) ever built, the “Triple E’s”, with options on another twenty.