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Hapag-Lloyd orders large vessels and buys back corporate headquarters in Hamburg

Hapag-Lloyd ordered four vessels with a capacity for 13,200 TEU each today and bought back its company headquarters in Hamburg's Ballindamm

Following a record result in the first nine months of 2010 and its successful refinancing on the capital market, Hapag-Lloyd is again investing in future growth. Hapag-Lloyd ordered four large vessels with a capacity for 13,200 standard containers (TEU) each from the Korean shipbuilding company Hyundai Heavy Industries today. It was also agreed that the six new vessels ordered in the beginning of 2008 should be upgraded to the same capacity. These ten large vessels are scheduled for delivery between mid-2012 and the end of 2013 and comply with all current environmental requirements. The vessels are intended for service on the Far East routes operated jointly with the partners in the Grand Alliance. Hapag-Lloyd has also bought back its company headquarters in Hamburg’s Ballindamm, a building steeped in tradition.

“This is a clear sign that Hapag-Lloyd has returned to its previous position of strength and will take advantage of its opportunities to grow profitably”, said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd AG. “The step up to the next vessel size is as well-considered as it is important for Hapag-Lloyd. The repurchase of our Ballin-House, which we are especially pleased about, is also of great symbolic value.”

In addition to these investments, Hapag-Lloyd has been able to pay financial liabilities amounting to some EUR 600 million back to its shareholders. This also includes hybrid capital amounting to EUR 332 million (“Hybrid III”).

Hapag-Lloyd has engaged Deutsche Bank as its advisor for the envisaged Initial Public Offering (IPO) or the sale of shares.