Monday, November 23, 2009

No Profit for Hapag in 2010 - Kuehne

Shipping Line Expected To Sustain Losses for Another Year
Shipping News Feature

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)