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HAPAG-LLOYD ORDERS SIX MORE GAS-FUELLED ULCCs

HAPAG-LLOYD ORDERS SIX MORE GAS-FUELLED ULCCs

Wednesday, June 23, 2021 

Hapag-Lloyd has commissioned the South Korean shipyard Daewoo Shipbuilding & Marine Engineering to build six new container ships, each with a capacity of over 23,500 TEU.

The company has already placed an order for six ships of the same size at the end of 2020. Thus, the fleet will be expanded by a dozen 23,500+ TEU ships in total. The lships will be outfitted with a high-pressure dual-fuel engine that will be extremely fuel-efficient. The engine will operate on LNG, but the vessels will have sufficient tank capacity to operate on conventional fuel as an alternative. Hapag-Lloyd is focusing on LNG as a medium-term solution, as it reduces CO2 emissions by around 15% to 25% and emissions of SOx and particulate matter by more than 90%. Fossil LNG is considered the most promising current fuel on the path towards zero emissions. The medium-term goal is to have ships that operate in a climate-neutral way using synthetic natural gas (SNG).

The six additional ships have been financed via a syndicated green loan in the amount of US$ 852m that has a maturity of 12 years from the date of delivery. The transaction was concluded in accordance with the Green Loan Principles of the Loan Market Association (LMA) while being verified by an independent expert in the form of a secondary party opinion of DNV. The credit facility is being backed by the Korea Trade Insurance Corporation (K-SURE).

“With this investment in the additional newbuildings, we want to take another step in the ongoing modernisation of our fleet – in terms of both ship size and sustainability,” said Rolf Habben Jansen, CEO Hapag-Lloyd. “At the same time, we want to meet the persistently high demand and reduce our slot costs.”

The vessels will be deployed on the Europe-Far East routes as part of THE Alliance and will thereby significantly boost Hapag-Lloyd’s competitiveness in this trade.

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