APL finalises ship charter deal to meet robust Transpacific demand

New vessels part of ongoing enhancement of Transpacific service offering

Singapore, 25 April 2007 - APL, the container transportation arm of Neptune Orient Lines, has signed a charter agreement for five new post-Panamax container vessels.

The ships will each have a nominal capacity of 7,000 TEU (twenty-foot equivalent unit) and will be deployed in the Transpacific trade from 2009.

APL CEO, Ron Widdows, said: “Growth in the Transpacific has consistently exceeded industry expectations. The relationship between ship supply and demand in the trade is forecast to narrow between 2007 and 2009. These vessels will enter service at a point that additional capacity will be required. They will help us to achieve our plans to enhance our Transpacific service offering, and ensure we continue to provide customers with the rapid supply chain fulfillment and the delivery certainty they demand.”

The vessels are being built at Hyundai Heavy Industries in South Korea and will be chartered for five years from German owners, Bernhard Schulte.

Bob Sappio, APL’s Senior Vice President for the Transpacific trade, said: “APL’s Transpacific network is known for its reliability and high level of service delivery. These vessels will enable us to further enhance our service offering and provide us with cost efficient growth.”

In the near term, APL will introduce seven container ships into its fleet in 2007, raising its capacity by around 10%. APL’s fleet currently comprises 110 vessels.

About APL
APL is a global container transportation company offering more than 60 weekly services and nearly 300 calls at more than 90 ports in Asia, Europe, the Middle East and the Americas. It combines world-class intermodal operations with leading-edge IT and e-commerce. APL is a unit of Singapore-based Neptune Orient Lines (NOL), a global cargo transportation and logistics company. APL Web site: www.apl.com