NOL Group orders new container ships

Contract signed for ten 8,400-TEU vessels;
letter of intent for two more of 10,700-TEUs

SINGAPORE, 21 July 2010 – Global shipping and logistics company NOL Group today announced an order for 10 new 8,400-TEU (twenty-foot-equivalent unit) container ships to be delivered in 2013 and 2014. It has also signed a letter of intent for two 10,700-TEU vessels. The total consideration is approximately US$1.2 billion.

The ships will be constructed by South Korea-based Daewoo Shipbuilding & Marine Engineering Co. The two organizations signed a contract for construction of the 8,400-TEU vessels in a formal ceremony today.

NOL said it is investing in new vessels to meet future growth needs and to replace vessels with charter agreements that will expire in the next few years.

About NOL
Neptune Orient Lines (NOL) is a Singapore-based global container shipping, terminals and logistics company. Its container shipping arm, APL, provides world-class container shipping services and intermodal operations supported by leading-edge IT and e-commerce. Its terminals unit has one of the world's leading container terminal networks, with key gateway facilities in Asia and North America. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control. NOL Web site: www.nol.com.sg

NOL