OOCL AFFILIATES ORDER TWO 7,400-TEU MEGA-SHIPS

OOCL AFFILIATES ORDER TWO 7,400-TEU MEGA-SHIPS    Orient Overseas (International) Ltd., the parent company of OOCL, has ordered two 7,400-TEU containerships through group subsidiaries Newcontainer No. 11 (Marshall Islands) Shipping Inc. and Newcontainer No. 12 (Marshall Islands) Shipping Inc.
   The vessels, ordered from Korean shipbuilder Samsung Heavy Industries, will be the largest containerships in the Hong Kong shipping group’s fleet. They are expected to be delivered in the second quarter of 2003.
   The two post-Panamax containerships will cost a total of $160 million (U.S.), Orient Overseas (International) Ltd. said. The company said that it is currently discussing the financing of the vessels with a number of banks.
   OOCL’s move to very large containerships mirrors those of Hapag-Lloyd, NYK and P&O Nedlloyd, three shipping lines that cooperate with OOCL within the Grand Alliance.
   Hapag-Lloyd has ordered four 7,200-TEU vessels for delivery    between 2001 and 2003. NYK said that it will deploy two new 6,200-TEU vessels under a charter agreement from 2003 on. And P&O Nedlloyd has ordered four ships of about 6,800-TEU capacity.