Hapag-Lloyd and K+N will cut Hapag-Lloyd’s average CO2 emissions per TEU by 17% in 2020 vs. 2017. The two companies are affiliated by Kuehne Holding’s stake in each, but this is unlikely to lead to a closer tie-up. From a practical perspective Hapag-Lloyd will need to shake its fleet up to make a significant difference. One route is to replace older, less efficient vessels. It currently owns 36 vessels under 6,000 TEUs capacity and over 10 years old. They represent 30% of owned capacity. It could replace these with newer vessels, for example with LNG-power as CMA-CGM is doing. Hapag-L...