Global shipping and logistics company NOL Group has announced a US$1.2 billion order for 10 new 8,400-TEU ships to be delivered in 2013 and 2014. It has also signed a letter of intent for two 10,700-TEU vessels.

The ships will be constructed by South Korea-based Daewoo Shipbuilding and Marine Engineering Co.

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.

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