Maersk Line Places $1.1 Billion Order for Nine Container Ships

07/08/15 09:37 AM EDT

   By Dominic Chopping 
 

Maersk Line, the shipping unit of Danish conglomerate AP Moller-Maersk A/S (MAERSK-B.KO), on Wednesday placed a $1.1 billion order with Hyundai Heavy Industries Co. (009540.SE) for nine ships as part of a $15 billion investment plan to increase capacity and maximize fleet efficiency.

The new vessels will be able to carry 14,000 containers each and will be designed to operate across many shipping routes, making them more flexible than Maersk Line's fleet of 19,630-container Triple-E mega-ships.

"We have taken a new approach," said Maersk Line's chief operating officer, Soren Toft. "The vessels will be designed to operate in and perform efficiently across many trades and not just designed for one specific trade. They will help us stay competitive and make our fleet more flexible and efficient."

The nine new ships will join Maersk Line's fleet in 2017 and the contract with Hyundai Heavy Industries includes an option to build a further eight.

The shipper has already ordered seven ice-class vessels and eleven Triple-E ships as part of its investment program.