Danish shipping giant Maersk Group is accelerating its fleet renewal programme to meet industry challenges and strengthen its market position, according to Tradewinds. The group has decided to sign newbuilding orders for up to 32 LNG dual-fuelled containerships, worth more than $6.6bn, at three shipyards, with the aim of driving emissions reductions and boosting competitiveness through the introduction of environmentally friendly vessels.
To rapidly expand its LNG dual-fuel fleet, Maersk also plans to enter into charter agreements for 20 LNG dual-fuel containerships through at least three shipowners, which is expected to result in the addition of up to 62 new LNG dual-fuel vessels in a short period of time.
Specifically, Maersk has entered into an agreement with South Korea's Hanwha Offshore to order six LNG dual-fuelled 16,000 TEU containerships with options for four more, which are expected to be delivered in 2027. Meanwhile, Maersk has also signed letters of intent with China's New Era Shipbuilding and Yangzijiang Shipbuilding respectively, with plans to order a further six vessels each of the same specification, with six and four options attached, for delivery in 2028 and 2027 respectively. Maersk has not publicly commented on these orders at this time.
On 7 August, Maersk had announced on its official website its latest fleet renewal plan (which starts in 2021), including dual-fuel newbuilding orders and chartering contracts being signed, with the aim of renewing about 160,000 TEU of capacity annually through a combination of ordering and chartering to gradually replace older capacity and ensure that the fleet size remains stable at around 4.3 million TEU.
Up to now, Maersk's operating fleet consists of 711 vessels with a total capacity of 4,368,000 TEU, of which 333 vessels with 2,548,000 TEU are owned and 378 vessels with 1,820,000 TEU are leased, in addition to 33 new vessels with 443,600 TEU have been ordered.
Maersk emphasised that all the newly ordered ships are of dual-fuel design, preparing them for the future use of low-emission fuels such as green methanol and liquefied biomethane (bio-LNG).
The announcement comes after the group announced an order for 25 methanol-powered dual-fuel vessels, of which five are already in operation and the rest are under construction, and is in the process of locking in a purchase and sale agreement for liquefied biomethane to ensure that the new vessels can contribute to emission reductions by 2030.
At the time, Maersk COO Rabab Boulos said the fleet renewal programme was vital to maintaining a competitive edge in the maritime business and was a cornerstone of achieving carbon-reducing operations. In view of the extended delivery times due to the surge in shipyard orders, Maersk has adopted a strategy of ordering and chartering in parallel to ensure sufficient capacity and build competitive advantage between 2026 and 2030.
Ahmed Hassan, Head of Asset Strategy and Strategic Partnerships, Maersk, further noted that through fleet diversification and diversification of optional fuels, Maersk has gained greater flexibility and more knowledge and experience to meet the future challenges of multi-fuel co-existence. He thanked the partners for their support in driving carbon reduction in the shipping industry.
The Maersk Group's recent series of initiatives not only highlights its major strategic shift in fuel technology choices, but also signals a new round of competitive dynamics coming to the global container shipping market. With LNG dual-fuel vessels becoming the new favourite in the industry and gradually gaining popularity, Maersk is facing the challenge of balancing the application of old and new fuel technologies, while exploring the perfect balance between environmental protection and economic efficiency.
This strategic adjustment not only requires Maersk to continue to invest in technological innovation to ensure the environmental performance and operational efficiency of newbuildings, but also tests its management wisdom in the process of replacing old capacity. Through a combination of ordering and chartering, Maersk aims to rapidly expand its LNG dual-fuel fleet and lay a solid foundation for future competition.
In the next few years, with the gradual delivery of these new-built LNG dual-fuel containerships, the competitive landscape of the global container shipping market may undergo profound changes. Maersk's strategic adjustment will undoubtedly provide strong support for its leading position in this change. At the same time, Maersk's exploration and practice in the integration of new and old fuel technologies and the balance between environmental protection and economic benefits will also set a new benchmark for the entire shipping industry, leading the industry to develop in a greener and more efficient direction.
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