Morgan & Morgan secures financing for world’s largest container ship

Panamanian law firm Morgan & Morgan’s ship finance and registration team participated as local counsel in the $1.75 billion financing for the acquisition of HMM Algeciras, the world’s largest container ship, for HMM Co., formerly Hyundai Merchant Marine Co, Ltd.

Morgan & Morgan is also responsible for the flagging and representation before the Panama Maritime Authority as resident agent of the ship, registered under the flag of the Republic of Panama, along with another 11 vessels of similar dimensions acquired by the company.

The ship was launched on April 23 during a ceremony headed by South Korean President Moon Jae-In at the Daewoo Shipbuilding and Engineering shipyard in South Korea. The vessel is 399.9 metres long and 61 meters in beam. 

The new vessel is registered under the flag of the Republic of Panama, along with another 11 vessels of similar dimensions. The ship has a cargo capacity of 23,964 TEUs. TEU is 20-foot equivalent unit, referring to the size of the average cargo container.  

“It is a great distinction for Panama to have been chosen as flag registry for these twelve (12) mega container vessels with a capacity of 23,000 TEUs and more. As a law firm, we are very proud to have participated as Panama counsel in this process, which is already a landmark in the history of the Merchant Marine of our country,” Jazmina Rovi (pictured), a partner at Morgan & Morgan and head of the firm’s ship finance and registration department.

The HMM Algeciras now joins the fleet of 18 Panama-flagged vessels that are among the 24 largest in the world, and will ply trade routes between Asia and northern Europe.