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Stephenson Harwood (Singapore) Alliance advises Chinese lessors on $1.8 billion green financings
Law firm Stephenson Harwood LLP has advised Bank of Communications Financial Leasing, ICBC Financial Leasing and CMB Financial Leasing, on three separate sale and leaseback financings for Hapag-Lloyd, amounting to a total of $1.8 billion.
The financings support the acquisition of 11 state-of-the-art newbuild large container vessels, designed to be ammonia-ready, which will be equipped with low-emission and fuel-efficient high-pressure LNG dual-fuel engines. The vessels also have the capability to operate on biomethane, offering the potential to reduce CO₂-equivalent emissions by up to 95% compared to conventional propulsion systems.
The financings are in line with Hapag-Lloyd’s recently updated Green Financing Framework, which complies with the standards of the Green Loan Principles of the Loan Market Association. The investment is part of Hapag-Lloyd's efforts to modernise its fleet to achieve the company's 1.5-degree Paris Agreement aligned decarbonisation objectives.
Delivery of the vessels is scheduled to take place between 2027 and 2029.
Maritime, trade and offshore partner Huay Yee Kwan led the Stephenson Harwood team, supported by managing associate Joan Tan and associates Wei Liang Chang, Wei-Qi Lim and Kenneth Kwok.