Hapag Lloyd turns mega
It’s no mean feat: carrier Hapag-Lloyd is breaking new ground in financing by securing USD 889 million in loans for its next projects. The Hamburg-based shipping company was able to conclude two debut transactions according to the Green Loan Principles of the Loan Market Association (LMA), verified by DNV GL as an independent expert.
Both transactions are associated with the financing of six ultra-large 23,500 teu container ships, which were ordered in December 2020. For a long time, the carrier was on the defensive with regards to the acquisition of ULCV.
The syndicated green loan totalling USD 417 million has a twelve-year maturity and will be used to finance three of the six mega vessels. The credit facility is being backed by the Korea Trade Insurance Corporation (K-SURE), and the syndicate consists of eleven banks. KfW IPEX-Bank and BNP Paribas were in charge of structuring and coordinating the transaction.
The lease financing for the remaining three newbuildings is in the amount of USD 472 million has a maturity of 17 years plus construction-phase financing. This transaction was structured by the Industrial and Commercial Bank of China Leasing (ICBC Leasing). (cd)