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RPT-Singapore’s NOL places $1.2 bln ship orders from Daewoo

SINGAPORE, July 21 - Neptune Orient Lines <NEPS.SI>, the world’s fourth-largest container shipping firm, has placed an order with Daewoo Shipbuilding & Marine Engineering <042660.KS> for new container ships worth $1.2 billion.

It ordered 10 vessels of 8,400 twenty-foot equivalent unit capacity to be delivered in 2013 and 2014, and also signed a letter of intent for two 10,700-TEU vessels, NOL said in a statement.

NOL said it is investing in new vessels to meet future growth and to replace vessels with charter agreements that will expire in the next few years.

Daewoo Shipbuilding is the world’s second largest shipbuilder.