Maersk Line inks $1.1 billion newbuild contract with HHI

Order was signed in Copenhagen by Maersk Line COO Søren Toft (left) and Hyundai Heavy Industries COO Sam H. Ka Order was signed in Copenhagen by Maersk Line COO Søren Toft (left) and Hyundai Heavy Industries COO Sam H. Ka

JULY 8, 2015 — Maersk Line has signed a $1.1 billion newbuilding contract with South Korean shipbuilder Hyundai Heavy Industries covering construction of nine 353 m, 14,000 TEU containerships. The agreement includes an option for up to eight additional vessels.

Maersk Line COO Søren Toft says the order marks "a new approach."

"The vessels will be designed to operate in and perform efficiently across many trades and not just designed for one specific trade," says Mr. Toft. "They will help us stay competitive and make our fleet more flexible and efficient.”

Designing vessels with a flexible operational profile is a first for Maersk Line. By moving away from hulls designed with a certain speed and draft in mind, Maersk Line says it is strengthening its fleet with vessels that can be deployed on East-West or North-South trades where requirements differ, with no impact on fuel consumption.

This is the third newbuilding order in the Maersk Line investment program announced in September 2014. It follows the seven 3,600 TEU feeder vessels and eleven 19,630 TEU Triple-E vessels ordered earlier this year as part of Maersk Line's $15 billion investment in newbuildings, retrofitting, containers and other equipment.

The nine vessels will join Maersk Line's fleet in 2017 and sail under Singaporean flag.

Since 2002, HHI has delivered more than 50 container vessels to Maersk Line, including 22 WAFMAX vessels (4,500 TEU), which were delivered in 2011-13.

"We have a long and good relationship with HHI. The quality of the vessels has always been up to high standards and we look forward to receiving this new batch," says Mr. Toft.

Maersk Line fleet as of May 2015

273 owned vessels (1.7 million TEU)
335 chartered vessels (1.2 million TEU)

Order book as of July 8, 2015

The order book corresponds to 0.5 million TEU or approx. 16% of Maersk Line's current fleet, excluding options.

  7 x Baltic Feeder vessels for delivery in 2017
11 x 19 K vessels for delivery in 2017-18
11 x 9.5-10 K chartered vessels 2015-16
 9 x 14 K vessels for delivery in 2017

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