Orient Overseas Container Line Ltd. (OOCL) announced a newbuilding order of seven methanol-compatible 24,000TEU container vessels with expected delivery starting from the third quarter of 2026.

OOCL said the green fuel technologies to be applied on these new vessels, most notably for the methanol dual fuel engines, constitute a significant milestone in OOCL's decarbonization journey.

Under the terms of a contract dated October 28, 2022, the vessels will be built by Nantong COSCO KHI Ship Engineering Co., Ltd.

OOCL noted that the cost of each vessel will be US$239.85 million, for a total investment by OOCL of US$1,678.95 million.

"We believe that we can be green and competitive at the same time, without sacrificing one over the other. These vessels will help OOCL grow its fleet in a healthy and balanced manner, allowing us to enhance our network design and strengthen our long-haul routes, in line with our long-term development plan," said Kenny Ye, chief operating officer at OOCL.

"More importantly, I believe that the ordering of these methanol-compatible vessels represents a hugely important step on our decarbonization journey towards a greener future," the OOCL executive added.