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$274m loss in second quarter

$274m loss in second quarter
German container line Hapag-Lloyd reported operating losses of ?192.1m ($274.1m) in the second quarter of 2009.

German container line Hapag-Lloyd reported operating losses of ?192.1m ($274.1m) in the second quarter of 2009.

German container line Hapag-Lloyd reported operating losses of ?192.1m ($274.1m) in the second quarter of 2009, compared with a ?115.2m profit in the corresponding period of 2008, Hapag-Lloyd shareholder Tui announced today.

In the first six months of 2009, Germany"s premier container line saw losses of ?438m.

Tui"s chief financial officer Rainer Feuerhake said that freight rates declined by 25% in the second quarter and reached an average $1,182 per teu, compared to 2008. Volumes dropped by 17% 1.2m teu. Sales decreased from ?1.5m to ?1.1m in the second quarter.

Mr Feuerhake said that HSH Nordbank as the leader of a banking consortium would apply for government aid of ?1.2bn today to secure the future of Hapag-Lloyd.

The government will then assume a major part of the credit risk of loans given by the banks.

Owners of Hapag-Lloyd including Tui and the Albert Ballin consortium are still locked in negotiations over an additional ?420m of financial aid. In July, a group of owners already provided Hapag-Lloyd with ?330m to secure its survival up to October.

Mr Feuerhake added that Hapag-Lloyd had attempted to restore freight rates in April but lost volumes as a result because of the behaviour of some of the big players in container shipping, which fought for cargo with low prices.

www.TurkishMaritime.com.tr

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