Ofer Global Holdings Group has signed a USD 400 million contract with the Daewoo Mangalia shipyard, for the building of four ships with a capacity of 9,000 TEU.

The order will be delivered in approximately two years' time from the contract signing, the building of the four ships being scheduled for completion by the end of 2013. The contract can be supplemented by ordering the building of four more ships.

Mr Eyal Ofer board member of Ofer Global Holdings said that "Taking into account the difficult situation on the shipping market and the high quality services provided by the Daewoo Mangalia shipyard, we believed it to be the most suitable choice for carrying on the investments in shipping-related sectors. The order entrusted to the Daewoo Mangalia shipyard represents only a part of the EUR 2.4 billion investment operated by Ofer in the Central and Eastern Europe area, the first firm order of such magnitude in the past three years."

This investment is part of a wide order of eight container vessels and six extra options entrusted to the Daewoo Mangalia and Hanjin Heavy Industries (South Chorea) shipyards. In October 2010, the company booked other ten ships of 13,000 TEU each within a contract signed with STX Offshore & Shipbuilding (South Chorea), and subsequently extended the order with Post Panamax type ships, the total cost amounting to USD 1.2 billion.

Ofer Global Holdings has over 30 years experience in international shipping and global real estate. In the past ten years, Eyal Ofer has become a pioneer all over Central and Eastern Europe, developing, purchasing and selling office spaces, homes, hotels, industrial buildings and retail assets in Poland, Romania, Bulgaria, Letonia, Turkey, Georgia and the Czech Republic. Ofer Global Holdings' assets and development projects in these regions add up to over three million square metres.