South Korea’s shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) said in a regulatory filing on Thursday that it has clinched a deal for five 22,000 TEU containerships.

The quintet has been ordered by Swiss-based Mediterranean Shipping Company (MSC), as confirmed yesterday by the company, as part of an order for 11 ships.

Even though MSC did not want to disclose details of the deal, DSME said the five ships have been contracted for KRW 926.6 billion (USD 817 million).

As the contract includes options for six more units, the overall value of the contract is set to reach around USD 1.8 billion, with MSC paying approximately USD 163 million apiece.

The shipbuilder added that the five ships are slated for delivery by March 2020. In addition, the contract includes options with regard to the ships’ propulsion systems, which, once decided, will influence the final value of the contract, according to DSME.

The latest order has pushed DSME’s order backlog value to USD 2.57 billion or 23 ships, which is equivalent to 56.2 percent of its annual order target of USD 4.57 billion, Yonhap reports.

MSC’s decision to order 22,000 TEU giants, which will become the world’s largest containerships based on TEU capacity, follows CMA CGM’s order confirmation for up to nine 22,000 TEU ULCVs to be built by Chinese yards.

The two orders have brought the 22,000 TEU ULCV tally to 20 ships.