German shipping giant Hapag-Lloyd has selected two Chinese shipbuilders for its next fleet expansion, including option orders, with contracts totaling $5.25 billion, making it one of the largest container ship orders in history.
According to Trade Winds in late September, Hapag-Lloyd decided to order up to 24 LNG dual-fuel container ships from Yangzijiang Shipbuilding and New Times Shipbuilding, with a total value of more than $4.2 billion. According to the latest news, the order has been “increased”. According to shipbroker Intermodal, the German shipowner has signed contracts with two Chinese shipbuilders for a total of 20+10 LNG dual-fuel container ships.
Among them, Hapag-Lloyd signed a contract with Yangzijiang Shipbuilding for 10 17,000 TEU LNG dual-fuel container ships at a cost of $210 million each, and the contract includes five options.
In addition, a contract was signed with New Times Shipbuilding for 10 9,200 TEU LNG dual-fuel container ships at a cost of $140 million each, and the contract includes five options.
These orders will bring 393,000 TEUs to Hapag-Lloyd and will strengthen Hapag-Lloyd’s position as the world’s fifth largest container shipping company.
It is reported that Hapag-Lloyd’s new shipbuilding project attracted many shipyards, including Jiangnan Shipbuilding, Shanghai Waigaoqiao Shipbuilding, Dalian Shipbuilding Industry Corporation (DSIC), Guangzhou Shipbuilding International, New Times Shipbuilding, Yangzijiang Shipbuilding, and South Korea’s HD Hyundai Heavy Industries and Hanwha Ocean. In the end, two private Chinese shipbuilders beat out strong competitors to win the order.
The above shipbuilding contracts will be Hapag-Lloyd’s first container ship order as shipowner in three years. Hapag-Lloyd’s last order dates back to December 2020, when it signed a contract with then Daewoo Shipbuilding & Marine Engineering for 6+6 23,500 TEU LNG dual-fuel powered container ships, with an option order for six vessels to take effect in June 2021, at a reported cost of approximately $165 million each.