Orient Overseas International Limited, the parent company of major container operator OOCL, has signed agreements with South Korean shipbuilder Samsung for five 4,506 TEU box vessels worth a total of US$331 million.

The company said in an announcement to the Hong Kong Stock Exchange that the vessels, each costing about $66.2 million, are expected to be delivered in 2009.

OOIL also said that it is currently arranging bank financing for the vessels and expects to obtain finance for about 80 per cent of the purchase price for each ship. The balance of the purchase price will be funded from internal resources.