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Hapag-Lloyd to get financial aid

Hapag-Lloyd to get  financial aid
Tourism group Tui, the largest single shareholder of German container line Hapag-Lloyd, has received the green light from its supervisory board to provide financial aid to help the carrier.

Tourism group Tui, the largest single shareholder of German container line Hapag-Lloyd, has received the green light from its supervisory board to provide financial aid to help the carrier.

Tourism group Tui, the largest single shareholder of German container line Hapag-Lloyd, has received the green light from its supervisory board to provide financial aid to help the carrier.

Tui"s help would be proportionate to its stake in Hapag-Lloyd, sources said. The Hanover-based tourism group owns 43.3% of Hapag-Lloyd.

However, Tui"s help would depend on a proportional contribution from the Albert Ballin consortium.

The decision of the supervisory board does not necessarily mean that Tui will participate in a capital increase for Hapag-Lloyd, Tui spokesman Robin Zimmermann said.

?There are several ways for Tui to participate in helping Hapag-Lloyd,? he added. He declined to give further details.

As an alternate way of supporting Hapag-Lloyd, Tui could also swap part of the loans it gave to Hapag-Lloyd into equity, shipping sources said.

Hapag-Lloyd needs fresh funding of around ?1.8bn ($2.5bn), according to a scenario discussed by shareholders this week.

It is understood that shareholders could come up with about ?750m, split proportionally between Tui and the Albert Ballin consortium. The remaining amount could come from government aid.

www.TurkishMaritime.com.tr

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