Monday, June 27, 2011

Container Lines Eye Ocean Freight Trade Increase

MOL Latest to Confirm New Purchases
Shipping News Feature

JAPAN – NETHERLANDS - WORLDWIDE – After our report earlier this month that Neptune Orient Lines (NOL) intended to purchase ten new 14,000 TEU container ships from Hyundai Samho Heavy Industries in South Korea, Mitsui OSK Lines (MOL) have today confirmed they will be chartering five of the vessels from NOL for an initial three year period. The five chartered ships will be delivered in 2013 –2014 and will carry freight along with the other five operated by APL (NOL's own subsidiary)  on Asia-Europe routes.

In addition MOL today announced a decision to order two containerships (8,600 TEU) from Mitsubishi Heavy Industries with delivery planned for 2013. Along with eight 8,100 TEU ships already in operation, the new vessels will also be deployed to Asia-Europe ocean routes.

MOL operate a total of 861 vessels and the new developments underline their confidence in what they see as a recovering market. Junichiro Ikeda, CEO, MOL Liner commented that the moves improved and optimised the groups services and it was reviewing the need for an expansion of the fleet on not only East-West trades but also all other routes.