COPENHAGEN (AP) -- Danish shipper and oil group A.P. Moller-Maersk A/S says it has signed a $1.9 billion contract for 10 giant container vessels, expected to be the largest of any known type of ship in operation.
Maersk says each ship, to be built by South Korea's Daewoo Shipbuilding & Marine Engineering, will cost $190 million and that it has an option for 20 more vessels.
The Copenhagen-based group said Monday the giant container ships will be 1,320 feet long, 195 feet wide and 241 feet tall.
The group said its subsidiary Maersk Line was buying the ships to position itself to profit from an expected 58 percent growth in trade between Asia and Europe and to maintain its lead in the container segment of the market.