(MENAFN) Danish shipping giant A.P. Moeller-Maersk said it had agreed to buy 11 "mega" container ships for USD1.8 billion with the option to acquire another six from South Korea's Daewoo, The Peninsula Qatar reported.
The 'mega' ships are 400 meters long and 58.6 meters wide and will each be capable of carrying more than 19,000 containers. They will replace less efficient vessels and are to be deployed between April 2017 and May 2018.
"These vessels will help us stay competitive in the Asia - Europe trade and will be key in our strategy to grow with the market," the company's chief operating officer said in a statement.
Maersk Line, the world's largest container transporter, has managed to outperform the market as the sector was hit by overcapacity after the financial crisis.
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