Container shipping firm Hapag-Lloyd has secured long-term financing, in the amount of $4 billion, for 24 large container ships ordered in October 2024, with a combined capacity of 312,000 TEU.Around $900 million of the purchase price will be financed using the company’s own funds. A total of $500 million will be made available from two banks in the form of bilateral mortgage loans.
Two of the world's top shipping companies, Maersk and Hapag-Lloyd, said on Thursday they did not see an immediate return to Red Sea after the ceasefire between Hamas and Israel was announced.Both companies said they would be closely monitoring the situation in the Middle East and would return to the Red Sea once it was safe to do so."The agreement has only just been reached.
Hapag-Lloyd's CEO said on Thursday he expects continued strength in container shipping volumes, which are driven by global demand for transporting goods and seen as a proxy for trade and a health barometer for the world economy.The volume of twenty-foot equivalent (TEU) containers moved by its 292 ships rose to 9.3 million metric tons in the nine months from January to September, up 5% from 8.
Hapag-Lloyd has ordered 24 new container ships from two Chinese shipyards with a combined investment volume of about $4 billion, it said on Wednesday.Twelve ships, each with a capacity of 16,800 TEUs (twenty-foot equivalent units), will be built by Yangzijiang Shipbuilding Group, while the other 12, with a capacity of 9,200 TEU each, will come from New Times Shipbuilding Company Ltd.
International shipping company Hapag-Lloyd raised its full-year earnings guidance on Thursday citing stronger-than-expected demand and higher freight rates.Despite increased expenses from the diversion of vessels around the Cape of Good Hope, Hapag-Lloyd says it now expects earnings before interest, taxes, depreciation, and amortisation (EBITDA) for 2024 of between $4.
Austal USA held a ceremony marking the official start of construction on the first U.S. Coast Guard Heritage-class Offshore Patrol Cutter (OPC) to be built at its Mobile, Ala., shipyard. The vessel, named Pickering (WSMM 919), is the lead vessel in a series potentially comprising up to 11 cutters under a contract valued at $3.3 billion.
Austal USA LLC has pled guilty and has agreed to pay $24 million to resolve an investigation by the U.S. Justice Department related to an accounting fraud scheme and efforts to obstruct the Defense Contract Audit Agency (DCAA) during a financial capability audit.The Justice Department’s criminal resolution was coordinated with the U.S. Securities and Exchange Commission (SEC).
A global operational alliance between two of the world’s largest container shipping companies will not go into effect next week as planned following a move by the U.S. Federal Maritime Commission to study the potential competitive impacts of the arrangement.The FMC said on Friday it is seeking more information to determine the potential competitive impacts of the proposed Gemini Cooperation
Hapag-Lloyd Chief Executive Rolf Habben Jansen said on Wednesday that demand for container shipments across the world's oceans has risen significantly in recent weeks but the upswing may be short-lived.The CEO told customers at an online presentation that the increase since the start of May was due to a combination of stocks being replenished in some sectors
The CEO of German container shipper Hapag-Lloyd said on Monday he expects that the Red Sea crisis can be overcome before the end of the year.Ship operators face prolonged disruption as Yemen-based Houthi militants attack vessels travelling on one of the world's busiest routes, causing costly redirections around Africa.
Hapag-Lloyd and Seaspan Corporation announced plans to retrofit and convert five 10,100 TEU containerships powered by conventional MAN S90 engines to dual-fuel engines capable of operating on methanol. Following the engine retrofit, the vessels will continue to be on long-term charter from Seaspan to Hapag-Lloyd.
Insurance broker Marsh and Lloyd's of London underwriters have expanded a marine war insurance program backed by Ukraine from grain shipments to all non-military cargo, such as iron ore and steel, Marsh said on Friday.Marsh, Lloyd's and Ukrainian state banks launched an initial program in November to cut the cost of claims for damage to ships and crew transporting grain through the Black Sea