APL, the container transportation arm of Neptune Orient Lines, has signed a charter agreement for five new post-Panamax container vessels.
The ships will each have a nominal capacity of 7,000 TEU (twenty-foot equivalent unit) and will be deployed in the Transpacific trade from 2009.
APL CEO, Ron Widdows, said: "Growth in the Transpacific has consistently exceeded industry expectations. The relationship between ship supply and demand in the trade is forecast to narrowbetween 2007 and 2009. These vessels will enter service at a point that additional capacity will be required. They will help us to achieve our plans to enhance our Transpacific service offering,and ensure we continue to provide customers with the rapid
supply chain fulfillment and the delivery certainty they demand."
The vessels are being builtat HyundaiHeavy Industries inSouthKorea and will be chartered for five years from German owners, BernhardSchulte.
Bob Sappio, APL's Senior Vice President for the Transpacific trade, said: "APL's Transpacific network is known for its reliability and high level of service delivery. These vessels will enable us to further enhance our service offering and provide us with cost efficient growth."
In the near term, APL willintroduce seven containerships intoits fleet in 2007, raising its capacity byaround10%. APL's fleet currently comprises 110 vessels.