Orient Overseas orders boxships

Hong Kong based Orient Overseas (International), owner of the eighth- largest Asian container shipping line, placed a $477 million order for four vessels with Samsung Heavy Industries to expand its fleet. The ships, which can each carry about 8,063 TEU, will be delivered between 2009 and 2010.

Orient Overseas, controlled by the family of a former Hong Kong leader, Tung Chee Hwa, said it will arrange financing for 80% of the order price. Sales at the company’s container-line unit rose 6% in the third quarter to $1.12 billion.