Csav News

Israeli defense officials were checking whether Iranian forces were behind a possible attack on a cargo ship under partial Israeli ownership on Saturday on its way from Jeddah to the United Arab Emirates, Israel's N12 Television News reported.The crew was not hurt and the ship, possibly hit by a missile, was not badly damaged and continued on its journey after the incident, N12 said, citing unnamed sources within Israel's defense establishment. Lebanese pro-Iranian TV channel Al Mayadeen had reported the incident earlier.N12 said the vessel…

Hapag-Lloyd AG appointed Mark Frese to the Executive Board effective November 25, 2019. On March 1, 2020, he will become the new Chief Financial Officer (CFO), replacing Nicolás Burr.Mark Frese (55) was most recently employed as the Chief Financial Officer of Ceconomy AG, the former Metro AG. Before that, he held various management positions at Metro AG and Kaufhof Holding AG.“When Mark Frese joins us, we will be gaining a very accomplished and highly skilled expert with extensive experience and knowledge of the financial sector. The Supervisory Board is convinced that, in its new composition, the Executive Board will remain excellently positioned to lead Hapag-Lloyd to continued future success…

German-based international cargo container shipping line Hapag-Lloyd AG announced an increased participation of two core shareholders, which has reduced the free float to below nine percent.“We naturally regret the reduced free float, but the demand among our anchor shareholders also underlines their interest in and commitment to Hapag-Lloyd as a strategic investment,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG.Shareholder structure of Hapag-Lloyd AG as of 18 June 2019: CSAV Germany Container Holding GmbH - 27.3%,  Klaus Michael Kühne (incl. Kühne Holding AG and Kühne Maritime GmbH) - 25.5%, Qatar Investment Authority…

Thorsten Haeser has quit as chief commercial officer of Hapag-Lloyd, which has reorganised its executive Board. CCO Thorsten Haeser is leaving the Company as at 31 March 2018 on the most amicable of terms. With great professionalism and personal dedication, he managed and realigned the Executive Board’s sales responsibilities. Following the merger with container liner shipping company United Arab Shipping Company (UASC), Haeser played a key part in the smooth integration of UASC’s business into Hapag-Lloyd AG. Haeser was also instrumental in advancing the digitalisation of the Company. Overall, he made a significant contribution to ensuring the future viability and competitiveness of Hapag-Lloyd.

The European Commission (EC) said Wednesday that it had fined four maritime car carriers 395 million euros (U.S. $486.5 million). Four shipping companies – CSAV, K Line, NYK and WWL-Eukor – have been fined by the EC for collusion in operating a cartel on the car carrier trades, in breach of EU antitrust rules. All companies acknowledged their involvement in the cartels and agreed to settle the cases. Commissioner Margrethe Vestager, in charge of competition policy said:"The Commission has sanctioned several companies for colluding in the maritime transport of cars and the supply of car parts.The three separate decisions taken today show that we will not tolerate anticompetitive behaviouraffecting European consumers and industries.

Hapag-Lloyd successfully completed the integration of UASC into the Group on 30 November 2017. At a gathering of the shipping company’s global management in Hamburg, Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said in the afternoon: “Thanks to the very good cooperation of our teams we have managed to successfully implement this integration in just six months. Hapag-Lloyd merged with the United Arab Shipping Company on May 24, 2017. Within the subsequent six months, the operating businesses, the IT systems, the different fleets, and the corresponding departments and country organizations were brought together. With more than 12,000 employees in five sales regions and 126 countries…

Hapag-Lloyd has successfully completed the capital increase with subscription rights agreed upon on 28 September 2017. By partially utilizing the authorized capital, the gross issue proceeds amount to approximately EUR 352 million (approx. USD 414 million). 96.5 percent of the existing shareholders exercised their subscription rights. A total of 11,717,353 new no-par value shares were placed at a subscription price of EUR 30.00 each. As a result the Company's share capital will be increased to EUR 175,760,293.00. The new shares will carry full dividend rights as of 1 January 2017. The registration of the capital increase with the commercial register of the local court (Amtsgericht) of Hamburg is expected to take place on 17 October 2017…

Hapag-Lloyd AG will now carry out the capital increase that was agreed upon as part of the merger of Hapag-Lloyd and UASC. The gross proceeds are expected to amount to approx. EUR 352 million (approx. USD 414 million). The official merger of the two companies occurred on 24 May 2017. At the Annual General Meeting on 29 May 2017, the shareholders approved new authorised share capital for a capital increase. The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of approx. EUR 352 million. They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.

Logistics entrepreneur Klaus-Michael Kuehne has raised his shareholding in German container shipping line Hapag-Lloyd to 17.15 percent from 14.1 percent, his Swiss-based Kuehne Holding said on Thursday. Kuehne was taking advantage of shares being sold by TUI , which on Tuesday completed the disposal of its remaining 7.9 percent of shares to focus on cruise ship acquisitions. TUI's move allowed Kuehne to expand its investment in Hapag-Lloyd, which it said it considered to be long-term. "The ongoing shipping industry consolidation offers Hapag-Lloyd new growth perspectives and strengthens its positions among the most important shipping companies across the world," Kuehne Holding executive chairman Karl Gernandt said.

Rating agency Standard & Poor’s confirmed Hapag-Lloyd’s B+ rating and took the company off its CreditWatch with future negative implications. Hapag-Lloyd was upgraded to Outlook Negative. The merger with UASC has added debt to Hapag-Lloyd’s capital structure. However, due to the acquired ships and containers of UASC no bigger investments are planned in the next few years. Thus, more cash flow should be available for repayment of debt and deleveraging. “The company should be able to maintain credit ratios we consider commensurate with the current rating in 2017-2018,” Standard & Poor’s wrote in the Research Update. The rating agency also acknowledged the competitive advantages of the merger with UASC such as Hapag-Lloyd’s larger size and capacity…

Hapag-Lloyd held a naming ceremony in Hamburg for the Guayaquil Express, the fourth of five newbuildings in its 10,500 TEU class. The patron is Christine Kühne, wife of Klaus-Michael Kühne, majority shareholder and Honorary Chairman of Kühne + Nagel International AG. Among those attending the christening at the Container Terminal Altenwerder in the Port of Hamburg were Olaf Scholz, the Mayor of Hamburg, and Angela Titzrath, the CEO of Hamburg Hafen und Logistik AG. “This naming ceremony is a symbol of the close connection to our home port, which is simultaneously the home port of the Guayaquil Express,” said Michael Behrendt, the Chairman of the Supervisory Board of Hapag-Lloyd AG. “For us, the Guayaquil Express is a ‘smart ship’,” said Rolf Habben Jansen, CEO of Hapag-Lloyd.

Hapag-Lloyd shareholders approved all items on the agenda at today’s Annual General Meeting. In particular, the shareholders approved the creation of new authorised share capital. This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within six month after the closing of the merger with the Arabian liner shipping company UASC. The closing took place on May 24. Some of the anchor shareholders have committed to backstop the cash capital increase in the amount of USD 400 million. With the approval of the shareholders, all key preconditions have been met for the capital increase, which aims to strengthen the financial position of the company.

Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd. “We now not only have a very strong market position in Latin America and the Atlantic, but also in the Middle East, where we will become one of the leading carriers.

The 8,600 TEU capacity CSAV Traiguen became the largest container ship to call a Guatemalan port when it arrived at Terminal de Contenedores Quetzal (TCQ) on Guatemala’s Pacific Coast on April 12th, 2017, on the maiden call of German-based Hapag-Lloyd’s Mediterranean Pacific (MPS) service. The previous record of 5,500 TEU was established just a month ago with the arrival of the Maersk Gironde into TCQ on March 26th. TCQ, which was acquired by APM Terminals in March 2016 while under construction, opened for operations earlier this year, with the first trial vessel call completed in February. TCQ, with an annual container throughput capacity of 340…

Hapag-Lloyd AG remains bullish on the substantial earnings contribution from synergies from CSAV acquisition and OCTAVE cost-cutting programme alongwith further synergies expected due to the merger with UASC. Hapag-Lloyd closed the 2016 financial year with EBITDA of EUR 607.4 million (previous year: EUR 831.0 million) and an operating result (EBIT) of EUR 126.4 million (previous year: EUR 366.4 million). These figures are taken from the 2016 annual report, which was published today. The Group net result came in at EUR -93.1 million (previous year: EUR 113.9 million). “We had a very challenging market environment in the first six months of 2016, but were able to improve revenue and results significantly in the second half of the year.

German container shipping company Hapag-Lloyd expects increased operating earnings this year, it said on Friday, citing a rise in freight rates as market conditions improve. The shipping industry has been grappling with a prolonged downturn brought about by overcapacity in a faltering global economy, but Hapag Chief Executive Rolf Habben Jansen pointed to signs of upward momentum. "We expect some market improvement in 2017, but our success will largely depend on our ability to achieve more sustainable freight rates," he said.

FY operating profit down 66 pct and freight rates down 15.4 percent in 2016. Company says merger benefits, cost cuts help. German container shipping firm Hapag-Lloyd on Tuesday reported a 66 percent year-on-year fall in operating profit for 2016, blaming mainly significantly lower freight rates. Operating profit came to 126 million euros ($133.5 million), while earnings before interest, tax, depreciation and amortisation (EBITDA) were down 27 percent at 607 million, it said in a statement. But it said transport volumes rose by 2.7 percent to 7.6 million twenty-foot equivalent units (TEU) and that lower bunker prices - the cost of ship fuel, which is tied to crude oil - and ongoing synergies from its merger with Chilean peer CSAV as well as cost savings increased efficiency.

Hapag-Lloyd held a naming ceremony for the first of its five new vessels in its new 10,500 TEU class containerships, Valparaíso Express. Valparaíso Express was named by Rozío Gonzaléz – wife of Andrónico Luksic, Chairman of the Board of the Quiñenco Group – who performed the ceremony at the Terminal Pacifico Sur (TPS) in the port of Valparaíso, where the new ship will call regularly going forward. The Quiñenco Group is the largest shareholder of CSAV, one of the three controlling shareholders of the Hapag-Lloyd.

Following the sale of Hamburg Süd to Maerskfor $4 billion, VesslesValue senior analyst William Bennett has compiled a report on the top consolidated container fleets. Currently these top five fleets are worth $33.4 billion and account for 33 percent of the entire container fleet. Maersk have confirmed rumors that they will acquire German container shipping line Hamburg Süd. Hamburg Süd’s strong position in north-south trades will complement Maersk's current business. Maersk is thought to have paid roughly $4 billion for Hamburg Süd whose fleet is worth $1.5 billion.

Drewry’s Z-score carrier financial stress index sunk to its lowest ever point following the first-half 2016 results. After Hanjin’s bankruptcy shippers are demanding more financial transparency from carriers. There is still much work to be done to clean up the logistical chaos created by Hanjin’s bankruptcy, but even so there are lessons from the sorry mess that need to be learned to avoid a repeat occurring. Firstly, all stakeholders must understand that no carrier is too big to fail. The hitherto expectation that some white knight would rescue an ailing carrier has been erased forever. Secondly, while Hanjin’s financial position was at the extreme edges and its demise is not expected to create a domino effect…

German container shipping company Hapag-Lloyd AG has swung to a loss in the first half of the year as tumbling freight rates weighed on revenue. The bad news comes as the Hamburg-based company tries to boost its fortunes through a merger with United Arab Shipping Company. Subdued economic growth in many parts of the world, persistently tough competition in the liner shipping industry and further declines in freight rates have marked the first half of the 2016 business year. While transport volume remained stable in the first six months at 3.7 million TEU (-0.4 % compared to the prior year period), the average freight rate fell by USD 254 year on year to 1,042 USD/TEU, or almost 20 percent. Revenue reached EUR 3.8 billion in the first half of the year (prior year period: EUR 4.7 billion).

Freight rates down 20 pct; CEO says to focus on costs cuts, merger deal with UASC. German container shipping group Hapag-Lloyd said it dropped to a first-half operating loss as disappointing freight rates hurt its business. The loss before interest and tax (EBIT) came to 39.7 million euros ($44.26 million), down from a year-earlier profit of 267.7 million, the company said on Wednesday. Chief Executive Rolf Habben Jansen said the main focus in the second half would be to further improve the cost base and to get freights back to a more sustainable level. Hapag-Lloyd signed a binding agreement with Arab peer UASC last month to form the world's fifth largest shipping company by the end of 2016 in response to the global industry crisis.

Hapag-Lloyd AG (Hapag-Lloyd) and United Arab Shipping Company S.A.G. (UASC) have signed a Business Combination Agreement (BCA) to merge both companies, subject to the necessary regulatory and contractual approvals. Besides the Business Combination Agreement (BCA) between the two companies, the controlling shareholders, namely CSAV Germany Container Holding GmbH, HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH and Kühne Maritime GmbH on the side of Hapag-Lloyd, and Qatar Holding LLC on behalf of the State of Qatar and The Public Investment Fund of the Kingdom of Saudi Arabia on the side of UASC, have assumed certain commitments with regard to the merger and the future equity funding of the company in a separate agreement…