NOL

NOL: ordered 10 new 8400-TEU container ships worth US$975m to be delivered in 2013-14, and signed letter of intent for two 10700-TEU vessels worth US$225m, to meet its future growth needs and to replace vessels with charter agreements that will expire over next few yrs. Vessels to be constructed by S Korea’s Daewoo Shipbuilding & Marine Engg. This significant capex comes on the back of NOL’s recent strong operating performance, driven by demand recovery along the major Asia-Europe and Asia-US trade routes.