Global shipping and logistics company NOL Group 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.'

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.