Hapag-Lloyd borrows $925 million for boxships
German container line Hapag-Lloyd has secured a loan for $925 million with a consortium of banks to finance the construction of a series of large container vessels on order in South Korea.
The loan, arranged by Citibank, Deutsche Bank, HSBC, KfW IPEX-Bank and UniCredit Bank, will be used to pay for 10 13,200-TEU ships on order at Hyundai Heavy Industries, according to a press release from a consortium of five banks.
The ships will be the largest in Hapag-Lloyd's fleet, and are due for delivery from mid-2012 through the end of 2013. Last week, Hapag-Lloyd posted an operating loss of $31 million, but in 2010 it netted a record $807 million in operating profits.
Hapag-Lloyd borrows $925 million for boxships
