According to multiple sources, German shipping giant Hapag-Lloyd has ‘abandoned’ Chinese shipyard for its next batch of new ships and turned to a South Korean shipyard.
It is reported that Hapag-Lloyd has signed a letter of intent with Hanwha Ocean to order six 16,000 TEU LNG dual-fuel container ships, with options for additional vessels. The unit price for each ship is approximately $200 million, with a total price for the six ships of $1.2 billion. Delivery is expected to begin at the end of 2027.
Last October, Hapag-Lloyd placed orders for 24 new ships with two Chinese shipyards, with a total investment of approximately $4 billion. The delivery is expected between 2027 and 2029. Yangzijiang Shipbuilding is responsible for building 12 ships with a capacity of 16,800 TEU each, at a unit price of about $210 million. New Times Shipbuilding is responsible for building 12 ships with a capacity of 9,200 TEU each, at a unit price of about $130 million. Hapag-Lloyd announced a few days ago that it has completed financing for these 24 new ships.
It is reported that Hapag-Lloyd placed orders for 12 ultra-large container ships with a capacity of 23,660 TEU each, in two batches with Daewoo Shipbuilding & Marine Engineering (DSME, the predecessor of Hanwha Ocean) in 2020 and 2021, at a unit price of only $165 million. If the latest order for six 16,000 TEU ships is finalized, it will mark Hapag-Lloyd’s return to South Korean shipyards after four years, having shifted away from Chinese shipyards.
According to Korean media reports, Hanwha Ocean secured these six new ships from Chinese shipyard by offering more competitive prices and earlier delivery times.
It is reported that Hapag-Lloyd originally planned to build these six optional ships in China, but Hanwha Ocean’s offer (approximately $200 million) was lower than that of the Chinese shipyard, and delivery can begin by the end of 2027, which resulted in the successful signing of the letter of intent. Hapag-Lloyd is expected to make the final decision in mid to late this month.
Hapag-Lloyd operates the largest fleet in Germany, currently owning 292 modern container ships with a total capacity of 2.3 million TEUs, making it the fifth largest container shipping company in the world.