DSME wins $1 billion NOL containership order

Korea's Daewoo Shipbuilding and Marine Engineering has won an order for ten 8,400 TEU class containerships worth about 1.2 trillion won - nearly $1 billion - for deliveries in 2013 and 2014.

The ships will have a length of 332 m and a beam of 42.8 m. Maximum speed will be 26 knots.

The order is from Singapore's NOL Group which has also signed a letter of intent with DSME for two 10,700-TEU vessels.The total consideration is approximately $1.2 billion.

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.