NOL Group Signs Contracts for Containerships

Monday, June 27, 2011

NOL Group confirmed it has signed contracts with Korea's Daewoo Shipbuilding & Marine Engineering Co. and Hyundai Samho Heavy Industries Co., Ltd to build 12 new container vessels, including ten of its largest vessels. The confirmation follows the Group’s announcement on June 15 that it had signed letters of intent with both shipyards for its $1.54 billion newbuild program.

The signed contracts are for:

    * Ten 14,000-TEU vessels with Hyundai Samho Heavy Industries Co., Ltd;
    * Two 9,200-TEU vessels with Daewoo Shipbuilding & Marine Engineering Co.; and
    * Upgrade of ten 8,400-TEU vessels to 9,200-TEU vessels with Daewoo Shipbuilding & Marine Engineering Co.

Singapore-based NOL also announced that it had agreed to charter five of the newly ordered 14,000-TEU container vessels to alliance partner, Mitsui O.S.K. Lines (MOL) when they are delivered in 2013 and 2014. NOL and MOL said they reached the three-year charter arrangement to upgrade service in The New World Alliance.  NOL’s container shipping line – APL – is part of the alliance along with MOL and Hyundai Merchant Marine.

NOL said consideration of the charter agreement went into its decision to order the ten 14,000-TEU ships - viewing it as a means of balancing the alliance's capacity contribution, and allowing its shipping unit, APL, to increase its capacity gradually.

All of the ten 14,000-TEU container ships which NOL will take delivery of between 2013 and 2014 will be deployed on existing Asia-Europe routes. Half will be operated by APL, the other half by MOL.

Furthermore, NOL also announced that it had received firm financing offers from various banks and financial institutions for the 12 new vessels, for a total loan amount of about US$1.14 billion. The rest of the newbuild program will be funded by bonds recently issued by the Group and from internal resources. NOL said the financing is subject to final documentation and the loans will be drawn down to satisfy the payments and/or delivery schedules of the new vessels.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Fundraiser Held for USS Gerald R. Ford Crew

Blackmer, a company in positive displacement and centrifugal pump and reciprocating compressor technologies, has a relationship with the U.S. Military that dates

Meercat Workboats Scores a Hat-trick

The U.K.’s Meercat Workboats says it scored a hat-trick; the Hampshire-based boat builder announced it is moving premises, that Seawork was a huge success and that

Northern Lights Opens Branch Office in Louisiana

Marine power generation and climate control products manufacturer Northern Lights has opened its fifth branch office, in Kenner, La, to enhance service to Gulf

Contracts

Boskalis Secures Dike Reinforcement Project

Royal Boskalis Westminster N.V. announced that the Noorderzijlvest district water board intends to award the contract for the Eemshaven-Delfzijl dike reinforcement

Wärtsilä, Zamakona Yards Join forces in Canary Island

Wärtsilä is enhancing its service offering by participating in a new maintenance hub in the Canary Islands. The facility, operated by one of Spain's biggest shipbuilding and ship repair groups,

Diana Shipping Enters Contract with SwissMarine

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Ice Class Panamax dry bulk vessels,

Container Ships

Essberger Fleet Moves to Marlink’s Sealink VSAT Service

The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service.

EU to Accept Antitrust Offer from Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

EU to Accept Antitrust Offer From Maersk, MSC, 13 Others

World No.1 container liner Maersk, Swiss peer MSC and 13 other shipping firms are set to escape possible penalties as EU antitrust regulators plan to accept their offer to end a five-year probe,

Vessels

First MAN D2676 Workboat Engine Ready for Launch

Last December, MAN Engines introduced its latest generation in-line six-cylinder engines for workboats. Now the first MAN D2676 LE443 engine off the production

Essberger Fleet Moves to Marlink’s Sealink VSAT Service

The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service.

Multraship’s New ASD Tugs Named in the Netherlands

Two Damen ASD 3212 tugs for towage and salvage specialist Multraship have been named on June 24 at Terneuzen, the Netherlands.   The Multratug 29 and Multratug 30,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Repair
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1029 sec (10 req/sec)