FRANKFURT, Aug 10 (Reuters) - 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 … [Read more...]
Hapag-Lloyd Names Newest LNG-Ready ULCS at London Gateway
Hapag-Lloyd AG officially named its newest containership 'AFIF' at DP World's London Gateway on Monday. The Ultra-Large Container Vessel (UCLV) has a capacity of 15,000 TEU, making it the second biggest ship in Hapag-Lloyd's fleet. The ship is 385.5 meters long and 51 meters wide. Afif is also one of Hapag-Lloyd's 17 "LNG-ready" ships, meaning it can be converted to … [Read more...]
Hapag-Lloyd Investor Confirms Approach from CMA CGM, Says Takeover Should Go Other Way Around
By Mike Wackett (The Loadstar) - One of Hapag-Lloyd’s largest shareholders has brushed off an approach by CMA CGM for merger talks. Any such deal could create the largest container shipping line in the world. Alphaliner reports that, on the side lines of the company’s AGM in Hamburg yesterday, Hapag-Lloyd 21.4% shareholder Klaus Michael Kuehne confirmed the approach … [Read more...]
Hapag-Lloyd CEO Says Company is Cutting Costs as Fuel Prices Rise
By Vera Eckert FRANKFURT, July 10 (Reuters) - German shipping company Hapag-Lloyd is cutting costs to cope with a rise in fuel prices that led it to slash full year earnings forecasts last month, its chief executive told shareholders on Tuesday. "Major cost positions have risen more than initially expected and are pressuring operating margins," CEO Rolf Habben Jansen said in … [Read more...]
CMA CGM Explored Possible Merger Hapag-Lloyd, Sources Say
By Jonathan Saul and Arno Schuetze LONDON/FRANKFURT, July 9 (Reuters) - The world's no. 3 container shipping line, CMA CGM of France, has made an exploratory approach to German rival Hapag-Lloyd over a possible merger as players in the sector hunt for tie-ups to beat depressed conditions, finance sources say. Three finance sources with knowledge of the matter, who declined … [Read more...]