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Hapag-Lloyd completes fleet renewal and increases capital base

Hapag-Lloyd Delivery Al JmeliyahHAMBURG: September 28, 2017. Hapag-Lloyd is increasing its capital base by US$414 million with a share issue in order to reduce debt following its merger with UASC in May 2017.

The capital increase is backstopped by the company's primary shareholders: CSAV Germany Container Holding, Kuehne Maritime, Qatar Holding Germany, and The Public Investment Fund of the Kingdom of Saudi Arabia.

"Following the successful merger with UASC, we will use the capital increase to strengthen our capital structure and to use the proceeds to reduce the leverage of the company," said Hapag Lloyd CEO Rolf Habben Jansen. "This enables us to focus on enhancing our strategic and operating objectives," he added.

The announcement coincides with the delivery of the last of 17 containerships ordered by UASC in 2013 from Hyundai Samho Heavy Industries (HSHI), South Korea.

The 15,000 TEU "Al Jmeliyah", its 10 sister ships and six 19,900 TEU vessels, now make Hapag-Lloyd the fifth largest liner shipping company in the world. Company COO Anthony Firmin said the delivery meant the company has "no plans to order any more newbuilds in the foreseeable future".

The new vessel will begin operating this weekend on THE Alliance FE4 service between Asia and Northern Europe.

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