OOCL joins containership building spree with $861 million order

The latest container giant to join the big box ship ordering spree is Hong Kong headquartered OOCL (Orient Overseas Container Line). Yesterday signed a contract with Korean shipbuilder Samsung Heavy Industries for the construction of six 13,000-TEU vessels.

This is the first newbuilding order placed by OOCL for mega containerships of this size. It says the order further reinforces its commitment to substantial asset investment in order to offer customers better service and to support the expansion of world trade with reduced environment impacts.

The six container vessels are to be delivered by 2013.

According to a stock exchange announcement by OOCL’s parent, Orient Overseas (International) Ltd., the ships are to be constructed at a price of US$136 million each vessel with a total consideration for all six of approximately US$816 million. Orient Overseas is presently arranging bank financing for the vessels and expects that finance for about 70 percent of the purchase price of each vessel, with the financing guaranteed by the company, will be finalized in the near future with the balance of the purchase price to be funded from internal resources.

(L to R): Mr. J. K. Kim, CMO and Executive Vice President of Samsung Heavy Industries; Mr. I.S. Roh, CEO and President of Samsung Heavy Industries; Mr. Philip Chow, CEO of OOCL and Mr. S.C. Tai, GM, Fleet Management of OOCL in the signing ceremony

March 24, 2011