Maersk Line, the world’s largest container shipping company, announced Wednesday the signing of a newbuild contract with South Korea’s Hyundai Heavy Industries for nine containerships with a capacity of 14,000 TEU each.
The contract has a value of USD $1.1 billion and includes an option for up to 8 additional vessels, Maersk said.
Today’s contract marks the third new-building order in Maersk Line’s investment program announced in September 2014, the company’s first new ships since the first 20 record-breaking Triple-E’s were ordered from Daewoo Shipbuilding & Marine Engineering Co shipyard in South Korea. Wednesday’s announced order follows the seven 3,600 TEU feeder vessels ordered from COSCO Shipyard in Zhoushan China and eleven 19,630 TEU Triple-E vessels from DSME announced earlier this year as part of Maersk Line’s USD 15 billion investment in new-buildings, retrofitting, containers and other equipment.
“I am very pleased about this order for which we have taken a new approach. The vessels will be designed to operate in and perform efficiently across many trades and not just designed for one specific trade. They will help us stay competitive and make our fleet more flexible and efficient,” says Søren Toft.
The nine vessels will join Maersk Line’s fleet in 2017 and be Singapore-flagged.
Since 2002, HHI has delivered more than 50 container vessels to Maersk Line, including 22 WAFMAX vessels (4,500 TEU), which were delivered in 2011-13.
“We have a long and good relationship with HHI. The quality of the vessels has always been up to high standards and we look forward to receiving this new batch,” concludes Søren Toft.
As of May 2015, Maersk Line’s fleet consists of 273 owned vessels with a combined 1.7 million TEU capacity and 335 chartered vessels with a combined capacity of 1.2 million TEU. The company’s orderbook now corresponds to 500,000 TEU capacity, with the 7 Baltic Feeder vessels for delivery in 2017; 11 19,000+ TEU vessels for delivery in 2017-2018; 11 9.5K-10K chartered vessels for delivery in 2015-2016; and the 9 14,000 TEU vessels announced Wednesday.
LONDON — Maersk Line has signed a $1.1 billion contract for nine 14,000 20-foot-equivalent-unit ships from Korea’s Hyundai Heavy Industries, its third major order this year, as it accelerates a $15 billion investment program aimed at consolidating its ranking as the world’s largest ocean container carrier.
“The vessels will be designed to operate in and perform efficiently across many trades and not just designed for one specific trade. They will help us stay competitive and make our fleet more flexible and efficient,” said Soren Toft, Maersk Line’s chief operating officer.
With Maersk’s order, there are 55 vessels with capacities of 13,000 to 15,000 TEUs on order, according to the IHS Maritime & Trade order book. Evergreen Line leads the pack with 10 vessels of that size on order. There are currently 160 vessels with capacities of 13,000 to 15,000 TEUs in service. Mediterranean Shipping Co. operates the most vessels of that size, with 39 ships in its fleet.
The latest deal follows a $1.8 billion order last month for 11 19,630-TEU vessels, with an option for six more sister ships, that will also be built in South Korea, but by Daewoo Shipbuilding and Marine Engineering.
In March, the Danish carrier ordered seven 3,600-TEU ice-class ships from China’s Cosco shipyard but did not give financial details.
The nine ships ordered Wednesday will join Maersk’s fleet in 2017 and will fly the Singaporean flag. The contract, signed at Maersk’s Copenhagen headquarters, includes an option for up to eight additional vessels.
“By moving away from hulls designed with a certain speed and draft in mind, Maersk Line is strengthening its fleet with vessels that can be deployed in east-west or north-south trades where requirements differ, with no impact on fuel consumption," Toft said.
Maersk Line opts for tradelane ‘versatility’ with an order for 14,000teu boxships
Soren Toft and Sam H Ka seal the deal in Copenhagen
Maersk Line has placed an order for nine ultra-large container vessels (ULCVs) that can be deployed on north-south as well as east-west trades.
A $1.1bn contract has been awarded to South Korean shipyard Hyundai Heavy Industries (HHI) to construct nine 14,000 teu ships – with an option for a further eight – which will have a maximum length of 353 metres.
The ships, which will be delivered in 2017, are shorter than the 15,500 teu Emma Maersk-class, which are 397 metres, and the 400-metre 18,340 teu Triple-E ships and, depending on other specifications which were not disclosed, could transit the expanded Panama Canal which is scheduled to open next year.
The maximum length for ships transiting the waterway will be 366 metres, which could put Maersk in an unbeatable position in terms of unit cost on the Asia to the US east coast route.
Soren Toft, chief operating officer for Maersk Line, explained the carrier’s new strategy: “We have taken a new approach. The vessels will be designed to operate in, and perform efficiently across, many trades. They will help us stay competitive and make our fleet more flexible and efficient.”
The new order is part of a $15bn investment by Maersk into new ships, containers and the retrofitting of some of its existing fleet. It follows the confirmation last month of a $1.8bn order for 11 19,630 teu ships, from HHI’s compatriot shipyard, Daewoo Shipbuilding & Marine Engineering, which includes an option for a further six units.
The new Triple-Es, when they are delivered in 2017 and 2018, will be restricted to the Asia-Europe trades, but the latest order, “with a flexible profile”, is, the company, said “a first for Maersk Line”.
Maersk is also keen to increase its share of owned tonnage, which represents less than half its fleet, at 273 ships, with 335 vessels currently chartered-in. Although the carrier has benefited in the past few years from a depressed charter market, offering low daily hire rates and flexible terms, a hike in rates in recent months and difficulty fixing the right ships for a particular trade has probably pushed the carrier more towards ownership.
With owned tonnage, Maersk will have more control, and protection from charter hire volatility, and, given that the Danish group has access to cheap finance and that newbuild prices are historically low, it is a strategy that the world’s largest shipping line obviously feels makes sense.
The contract for the newbuilds was signed at Maersk’s Esplanaden headquarters in Copenhagen yesterday by Mr Toft and HHI chief operating officer Sam H Ka.
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