Singapore container shipping firm Neptune Orient Lines (NOL) (NEPS.SI) said on Wednesday it had signed letters of intent for 12 new vessels and is also upgrading an order placed last year for 10 ships for a total of US$1.54 billion ($2 billion).
The 12 new vessels include 10 vessels of 14,000 twenty-foot equivalent units (TEU) to be constructed by Hyundai Samho Heavy Industries, as well as two 9,200-TEU ships to be built by Daewoo Shipbuilding and Marine Engineering.
The ships are scheduled for delivery in 2013 and 2014, the firm said in a statement.
NOL added that it is investing in new, larger vessels to reduce unit capital and operating costs, meet future growth needs as well as replace older and smaller chartered vessels that will be returned to their owners.
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