Global shipping and logistics company NOL Group today finalized an order to build two new 10,700-TEU (twenty-foot-equivalent unit) container ships for delivery in 2012.' These two vessels are part of a 12-ship order valued at US$1.2 billion to be built by Daewoo Shipbuilding & Marine Engineering Co., as announced on 21 July by NOL.

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

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.