Neptune Orient Lines, Southeast Asia’s biggest container-shipping line, said it has completed loan agreements totaling US$1.1 billion ($1.36 billion) with various financial institutions for the purchase of 14 container ships.
With the agreements, the Singapore-based company said all of its new building orders for 2007 and 2010 are financed. NOL doesn’t expect to draw on the loan facilities in 2011, it said in a statement to the Singapore exchange today.
The stock has fallen 17% this year, compared with the 0.9% retreat in the benchmark Singapore Straits Times Index.
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