No Profit for Hapag in 2010 - Kuehne
GERMANY – Troubled German shipping line Hapag – Lloyd will not return to profitability for another year according one of the major shareholders.
Speaking to the Welt am Sonntag newspaper Klaus-Michael Kuehne, the logistics supremo who also holds the controlling stake in Swiss transport group Kuehne + Nagel, said that he didn’t “…expect a profit at Hapag next year either”.
He did however state that he remained optimistic that with volumes and rates rising and with Hapag-Lloyd undergoing restructuring for cost efficiencies that the worst of the company’s hardships were now behind it.
Hapag is expected to post an operating loss of $1 billion for this year.
(pic: Klaus-Michael Kuehne)
Advertise with us - for Free!
Claim your free directory listing and view our advertising rates >
