Neptune orient Lines said it finalized an order on Monday to build two new container ships with capacities of 10,700 20-foot-equivalent units that will be delivered in 2012.

These two vessels are part of the 12-ship order valued at $1.2 billion to be built by Daewoo Shipbuilding & Marine Engineering that NOL announced on July 21.

The two organizations signed a contract to construct the 10,700-TEU vessels in a ceremony Monday in Seoul.

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

Source: JOC