Hapag-Lloyd has concluded two debut transactions according to the Green Loan Principles of the Loan Market Association (LMA) for the financings of six ultra-large dual-fuelled containerships.
As previously reported, Hapag-Lloyd announced the order for the vessels, which represent an investment of around $1 billion, in December. At the time, the Hamburg-headquartered shipping company confirmed it had already secured financing for the vessels but did not disclose the details of the parties involved.
In a statement issued today (8 February), Hapag-Lloyd said the transactions had been verified by an independent expert in the form of a secondary party opinion of the DNV GL.
The syndicated green loan in the amount of $417 million has a 12-year maturity and will be used to finance three of the six container ships on order. The credit facility is being backed by the Korea Trade Insurance Corporation (K-SURE), and the syndicate consists of 11 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 $472 million, has a maturity of 17 years plus construction-phase financing, and has been structured by the Industrial and Commercial Bank of China Leasing (ICBC Leasing).
‘Our first green financings are a major milestone for us, as we are breaking new ground in the container shipping segment by financing newbuilding projects geared towards sustainability,’ said Mark Frese, Chief Financial Officer of Hapag-Lloyd. ‘The transactions will help us to modernise our fleet while further reducing our CO2 footprint at the same time.’
The vessels, which will be fitted with High-Pressure dual fuel engines, are scheduled for delivery between April and December 2023.