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Feb 8, 2021 at 5:13 PMHapag-Lloyd is taking new paths in the financing of container ships and has concluded financing for six large container vessels. A syndicated loan of 417 million US dollars and leasing financing of 472 million US dollars have been agreed upon. Both transactions comply with the Green Loan Principles of the Loan Market Association.
(Hamburg) Hapag-Lloyd is venturing into new financing avenues with two debut transactions that have been completed in accordance with the Green Loan Principles of the Loan Market Association. This was also confirmed by an independent assessment in the form of a Secondary Party Opinion from DNV GL. Both transactions are linked to the financing of six ultra-large 23,500 TEU container ships that were ordered in December 2020.
Term of twelve years
The syndicated Green Loan has a volume of 417 million US dollars with a term of twelve years and is intended to finance three of the six ordered container ships. The loan is covered by the Korea Trade Insurance Corporation (K-SURE), and the lending consortium consists of eleven banks. This transaction was primarily structured and coordinated by KfW IPEX-Bank and BNP Paribas.
New territory in financing
“Our first green financings are a significant milestone for us, as we are breaking new ground in container shipping with the financing of new construction projects related to sustainability. The transactions will help us modernize our fleet while further reducing our CO2 footprint,” said Mark Frese, CFO of Hapag-Lloyd.Through the extremely fuel-efficient high-pressure dual-fuel engines of the new ships, approximately 15 to 25 percent of CO2 emissions can be saved. This means that the ships not only meet the requirements of the Green Loan Principles but also the technical verification criteria of the EU taxonomy for maritime and coastal freight transport. The state-of-the-art ships will be built in South Korea and are expected to be delivered in 2023.
Photo: © Hapag-Lloyd
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