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Victoria Bryan News

10 Aug 2018

Hapag-Lloyd Deepens Cost Cut Drive after H1 Loss Widens

(Photo: Hapag-Lloyd)

German shipping company Hapag-Lloyd said it accelerated cost cuts in the first half of 2018 to offset higher operational costs from fuel costs, charter rates and a slow recovery in freight rates."We have implemented additional measures to recover these costs: we are critically reviewing the economic viability of our ship systems and are further optimising our terminal contracts," Chief Executive Rolf Habben Jansen said.Its shares rose 2.6 percent in early trades.Freight rates fell 45 percent, causing Hapag-Lloyd's first half net loss to widen by 58 percent to 100.9 million euros ($115.7 millio

09 May 2018

TUI Approves New Ship for Hapag-Lloyd Cruises

Europe’s largest travel and tourism group TUI Group said it had approved construction of another cruise ship for its Hapag-Lloyd cruise business and that summer trading was good as it reported second quarter results.The group reported a narrower operating loss of 125 million euros ($148 million) for the quarter, which is traditionally loss-making, and confirmed a target for full-year underlying earnings before interest, tax and amortisation (EBITA) to rise by at least 10 percent at constant currencies.“Trading for Summer 2018 is very good and fully matches our expectations. Demand for Spain remains strong,” it said in a statement on Wednesday.($1 = 0.8438 euros)(Reporting by Victoria Bryan Editing by Maria Sheahan)

28 Mar 2018

Hapag-Lloyd to Unveil Plan for 2020 Fuel Regs in 2018

(Photo: Hapag-Lloyd)

German shipping company Hapag-Lloyd plans to give details within three to six months on compliance with tighter shipping fuel regulations that will kick in from 2020, its chief executive Rolf Habben Jansen said on Wednesday. The International Maritime Organisation (IMO) has ruled that heavily polluting high sulphur fuel will be banned for parts of the global industry from that date. Habben Jansen told an investor and analyst call there were three options to cut emissions - more expensive low sulphur fuel, so-called scrubbing or using liquefied natural gas (LNG).

10 Jul 2017

TUI Sheds Its Stake in Hapag-Lloyd to Focus on Tourism

Photo: Hapag-Lloyd

Europe's largest tourism group TUI Group said on Monday it had sold its stake in container shipper Hapag-Lloyd, bringing to a close plans for the sale of non-core businesses in order to focus on its tourism operations. TUI Group has been investing in more of its own hotels and cruise ships since it was formed from the merger of TUI AG and TUI Travel in 2014. "The proceeds will be reinvested in the transformation of TUI as the world's leading integrated tourism business, focused on own hotel and cruise brands, and to further strengthen TUI's balance sheet," TUI said.

15 Oct 2015

Thyssen Manager to Focus on Australian Sub Deal

German industrial group ThyssenKrupp is moving one of its top managers to focus on a hotly contested $35 billion bid to build stealth submarines for Australia, it said on Thursday. Hans Christoph Atzpodien, 60, will leave his post as head of the German group's Industrial Solutions division to concentrate on Marine Systems, one of the division's four units, which includes submarines, naval vessels and ships. "The bidding for the Australia project in particular is a major opportunity for Marine Systems requiring the full attention of its top management," the Essen-based steel-to-elevators group said in a statement. ThyssenKrupp is competing with a Japanese consortium and French state-owned naval giant DCNS for the contract.

01 Apr 2015

U.S. Port Delay Boost February Air Freight

Global air freight volumes rose 11.7 percent year-on-year in February, driven by the Chinese New Year, the International Air Transport Association said on Wednesday. Freight volumes traditionally increase in the weeks leading up to the holiday, which last year occurred in January, while congestion at U.S. ports also boosted the results. Asia-Pacific carriers saw freight volumes rise 20.8 percent, while North American carriers reported an 8.7 percent rise. "There is also evidence that significant automotive exports from Japan to the US shifted from sea to air," IATA said in its monthly statement on freight volumes. IATA said the growth seen in February would not be repeated, confirming a forecast for freight volumes to rise by between 4 and 5 percent this year.

10 Dec 2014

TUI AG Eyes Timing on Hapag-Lloyd IPO

BERLIN, Dec 10 (Reuters) - TUI AG is optimistic it will be able to sell its stake in Hapag-Lloyd via an initial public offering of the shipping company, although the market environment is not the best at present, its chief executive said on Wednesday. Hapag-Lloyd is merging with Chilean peer Compania Sud Americana de Vapores but said last week an IPO was not a top priority. "Their motivation to float is huge," TUI AG CEO Friedrich Joussen said on Wednesday after the group reported annual results. Hapag-Lloyd has said it will consider adding mega container ships to its fleet to boost competitiveness. TUI AG owns a 22 percent stake in Hapag-Lloyd, which is classed as 'held for sale'. TUI values it in its books at 467 million euros ($578.75 million), which Joussen described as 'conservative'.

19 Aug 2014

Russian Food Import Ban: Trucks Lose, Shipping Wins

Photo: Hapag-Lloyd

Team Niinivirta, a Finnish family-run transportation firm, turned 60 this year, but its third-generation managers now don't know if the business will see Christmas, because of Russia's new ban on European food imports. The firm based in Kotka, on the Gulf of Finland opposite Saint Petersburg, was using its 12 refrigerated trucks to ship 80 loads a month of Finnish milk products to Russia. But the ban on imports of dairy products, fruit, vegetables, meat, and fish from Europe has brought work for Niinivirta and similar specialist local truckers to a near standstill.

14 Aug 2014

TUI AG Eyes IPO, Sale of Hapag-Lloyd

TUI AG is still open to a sale or flotation of its stake in container shipping company Hapag-Lloyd , its management said on Thursday. "Whichever comes first at a decent price, we will go for it," Chief Financial Officer Horst Baier told analysts after the group reported third-quarter results. Hapag-Lloyd is merging with Chilean shipper Vapores . After the closing of the deal, expected in autumn, and a capital increase, in which TUI will not take part, TUI's share of Hapag-Lloyd will fall to 13.9 percent. TUI has long been looking to exit container shipping in order to focus fully on tourism.   Reporting by Victoria Bryan

04 Aug 2014

TUI Cruises Orders Two Ships, Cruise Demand Up

TUI Cruises, a unit of TUI AG , is ordering two more cruise ships for its Cruises unit to reflect high demand for cruise holidays in Germany and Europe. The new ships will be delivered in 2016 and 2017 and will take the fleet of TUI Cruises to six ships, the company said on Monday. TUI Cruises, a joint venture between TUI AG and Royal Caribbean Cruises, currently operates 3 cruise ships, with a fourth being built. TUI AG, which is currently in merger talks with London-listed unit TUI Travel Plc, had said in May it wanted to expand its cruise operations. "In Germany and in Europe the interest in cruises is increasing," TUI CEO Friedrich Joussen said in a statement on Monday. Reporting by Victoria Bryan

26 Apr 2014

OSCE Team To Ukraine To Free Detainees

The Organisation for Security and Cooperation in Europe (OSCE) has dispatched a negotiating team to try to secure the release of observers being held by pro-Russian separatists in eastern Ukraine, a German government source said on Saturday. "A negotiating team from the OSCE is on the way to the region," said the source, declining to give further details, including exactly where they were heading. (Reporting by Sabine Siebold; Writing by Madeline Chambers; Editing by Victoria Bryan)

18 Apr 2014

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed. The industry still faces a multi-billion dollar financing hole after banks, its traditional source of funding, cut back lending to boost capital in the wake of the financial crisis. Alternative investors such as private equity firms have been snapping up shipping assets including loan portfolios from the banks.

17 Apr 2014

Shippers Turn to Equity Markets as Sector Eyes Recovery

Photo courtesy OW Bunker

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed. The industry still faces a multi-billion dollar financing hole after banks…

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