SINGAPORE (Dow Jones)–Neptune Orient Lines Ltd. (N03.SG) said Wednesday it has signed letters of intent for the construction of 12 new container vessels and upgraded the orders for another 10 vessels, in contracts worth US$1.54 billion.
The new vessels will be built in South Korea with 10 14,000 TEU vessels to be built by Hyundai Samho Heavy Industries. Co. Ltd (011760.SE) and two 9,200 TEU vessels to be built by Daewoo Shipbuilding & Marine Engineering Co. (042660.SE).
NOL also said it is increasing the capacity of 10 ships ordered from Daewoo in 2010 to 9,200-TEU from 8,400-TEU.
The ships are scheduled to be delivered in 2013 and 2014.
-By Sam Holmes, Dow Jones Newswires