GERMANY's "Hapag-Lloyd", the world's sixth container shipping line, lost EUR675 million (US$981 million) in the first nine months compared to year-on-year pre-tax profits of EUR212 million in the first three quarters of 2008.
Revenue slumped 29 per cent to EUR3.3 billion from EUR4.6 billion in the first nine months of 2008. The results were released by German travel giant TUI, which owns a 43.3 per cent of the shipping line.
"The effects of the global recession threatened the very existence of Hapag-Lloyd," said TUI chief executive Michael Frenzel. "As the largest single shareholder and former parent company, we felt obliged to do everything in our power to help save Hapag-Lloyd. "
Yet Mr Frenzel expressed confidence that Hapag Lloyd would soon be "sailing back to calmer waters. Business development had improved gradually over the last few months, with earnings currently picking up due to successive rises in freight rates and notable effects of the cost containment programme", he said.
Hapag-Lloyd's year-on-year volumes in the first nine months were down 17.4 per cent to 3.5 million TEU and freight rates decreased 22.8 per cent to $1,220 per TEU on average.
Mr Frenzel accepted that volumes on east-west trade lanes, 66 per cent of the company's business, would fall 16 per cent over the full year, while world trade overall would only decline eight per cent.
Rising fuel prices also placed a heavier burden on the shipping company, he said. Losses were expected, he said, to continue through 2010 despite cost cuts, improving markets.
Source : HKSG, 17.12.09
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