Hapag-Lloyd signs three LOIs to boost maritime cooperation with India

Agreements focus on ship reflagging, sustainable ship recycling, and Vadhavan Port development.

Hapag-Lloyd and the Government of India have signed three letters of intent (LOI) to strengthen maritime cooperation and support India’s shipping and logistics development.

The agreements were signed in Mumbai by Rolf Habben Jansen, CEO of Hapag-Lloyd, and Sarbananda Sonowal, India’s Minister of Ports, Shipping and Waterways.

The LOIs cover potential collaboration on ship reflagging, sustainable ship recycling, and development of Vadhavan Port. Hapag-Lloyd may reflag up to four vessels under the Indian registry, subject to further discussions and regulatory approvals.

The agreements also aim to establish a ship recycling ecosystem in India, capable of handling up to 100 vessels, aligned with EU Ship Recycling Regulation standards.

Hapag-Lloyd will also provide expertise for Vadhavan Port, one of India’s major upcoming infrastructure projects, to strengthen the country’s maritime logistics network.

“India is one of the most important growth markets in global trade and a key strategic partner for Hapag-Lloyd,” said Rolf Habben Jansen, CEO of Hapag-Lloyd. “Through this Letter of Intent, we want to further strengthen our long-standing relationships with India and support the country’s ambitions to expand its maritime capabilities, enhance global connectivity and advance sustainable shipping.”

Hapag-Lloyd has over 2,800 employees in India, 17 offices, six dedicated liner services, and a strategic investment in J M Baxi Ports & Logistics Limited, which handles 3.2 million TEU annually.

Under Strategy 2030, the company aims to grow India volumes to 3 million TEU by 2030.