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December 14, 2010

Hapag-Lloyd orders 13,000 TEU ships

Hapag-Lloyd yesterday ordered four containerships with a capacity of 13,200 TEU each from South Korea's Hyundai Heavy Industries. It also bought back its company headquarters in Hamburg's Ballindamm.

Besides ordering the for new 13,000 TEU ships, Hapag-Lloyd also was upgraded the size of six new vessels ordered from HHI at the beginning of 2008 to the same capacity.

Although Hapag-Lloyd did not disclose the price, Hyundai Heavy Industries reportedly said in a filing that the 10 ship deal was worth $1.4 billion.

These ten large vessels are scheduled for delivery between mid-2012 and the end of 2013 and comply with all current environmental requirements. The vessels are intended for service on the Far East routes operated jointly with the partners in the Grand Alliance.

Hapag-Lloyd has also bought back its company headquarters in Hamburg's Ballindamm, a building steeped in tradition.

"This is a clear sign that Hapag-Lloyd has returned to its previous position of strength and will take advantage of its opportunities to grow profitably", said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd AG. "The step up to the next vessel size is as well-considered as it is important for Hapag-Lloyd. The repurchase of our Ballin-House, which we are especially pleased about, is also of great symbolic value."

In addition to these investments, Hapag-Lloyd has been able to pay financial liabilities amounting to some EUR 600 million back to its shareholders. This also includes hybrid capital amounting to EUR 332 million ("Hybrid III").

Hapag-Lloyd has engaged Deutsche Bank as its advisor for an envisaged Initial Public Offering (IPO) of its shares.


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