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NOL To Charter Four Post-Panamax Containerships
Singapore, 26 July 2004 - Global container transportation and logistics group Neptune Orient Lines (NOL) has finalised an agreement to long-term time charter four post-Panamax containerships from Mitsui & Co of Japan, to be delivered in 2007 and 2008. The ships will each have a nominal capacity of 5,888 TEU (twenty-foot equivalent unit) and will be built in Japan. Speaking at the contract-signing ceremony in Singapore today, NOL Chairman Cheng Wai Keung, said, "We have secured the ships at a long-term time charter rate of US$24,300 a day - rates comparable with those seen five years ago. In today's climate, when charter rates are so high, this is highly competitive. NOL President and CEO David Lim said, "Shipping is a growth industry. These charter agreements signal our intention to continue growing our fleet over the long term to meet demand. We will also increase our capacity through our strategic partnerships and alliances. We will continue to work to maintain the responsiveness of our network, making the most of our assets to meet our customers' needs." Mr Lim added that NOL had no immediate plans to order super-sized container ships. "It will make sense in the future to have larger ships in some trade lanes such as Asia-Europe and we are likely to place orders down the line. But the size of ships we are chartering today will still be ideal and in use on key trade routes long into the future. This addition to our fleet offers us a lot of flexibility in configuring our network," he said. The vessels will take APL's fleet of ships in the 5,000-6,000 TEU class to 16. These vessels are known as the "workhorses" of the industry because of their large cargo-carrying capacity, speed and port infrastructure compatibility - allowing them to be deployed in the Asia-Europe and Trans-Pacific trades. This flexibility is particularly important in today's dynamic global sourcing and production environment. About NOL Media Enquiries: |
