Hapag-Lloyd sales rise as Tui confirms shipping exit plans(转载)

　　Tui says 100% of Hapag Lloyd for sale - at the right price

　　Katrin Berkenkopf, Cologne - 木曜日 14 八月 2008

　　Sales process of Hapag-Lloyd ’progressing according to plan’.

　　GERMANY’S Tui has underlined its plan to withdraw completely from Hapag-Lloyd, provided the bidder meets its asking price.

　　“Our target is to exit the shipping business. We want to sell 100% of the shares,” chief finance officer Rainer Feuerhake said during a conference call with analysts after the first half-year results were unveiled today.

　　His remark came in reply to fresh reports that Tui was considering selling only parts of Hapag-Lloyd.

　　Reasons cited included not only the disappointing price offered, but also fears that a complete sale would require changes to the articles of association. Shareholder John Fredriksen has been particularly vocal in making such suggestions and has even demanded an extraordinary general meeting to approve the sales plans.

　　Tui confirmed that the separation process was progressing according to plan and will be completed by autumn at the earliest. But apart from that, Mr Feuerhake remained tight-lipped over any further details of the divestment process including the expected price and whether Tui was prepared to sell for less than €4bn.

　　Mr Feuerhake did, however, admit that price was an important condition for the sale and repeated that a sale was still the preferred separation option from the management’s viewpoint.

　　If successfully concluded, shareholders might get a cash dividend within 12 months after the completion of the sale, he added.

　　Results for Hapag-Lloyd for the first half of 2008 were above expectations and as good as current market conditions allow.

　　“Business is not bad yet,” Mr Feuerhake summarised.

　　Hapag-Lloyd has reported a rise in turnover and transport volumes for the first half of this year. Sales reached €2.96bn, up 2.2%, parent Tui said. Carryings rose by 2% to 2.75m teu. Operating profits went down considerably by 40% to €90m, however the group attributed this to one-off effects from disposals seen in 2007 – the disposal of Montreal Gateway Terminals and the shareholding in Germanischer Lloyd.

　　Underlying profits from operating business had actually gone up considerably.

　　For the full year, Tui expects earnings of the container shipping business “to rise significantly year-on year”, despite a worsening economic environment.

　　The group would not name a figure, however, pointing to uncertainties such as bunker price and exchange rate developments.

　　Hapag-Lloyd was now able to fully profit from the synergies through the integration of Hapag-Lloyd and its cost structure was taking advantage of those decisions, Mr Feuerhake said.

　　While transport volumes went down slightly on the Far East and Atlantic trades and were partly below expectations, freight rates went up for all trades. The figures contain the bunker adjustment factor with an unspecified percentage. Overall, the average freight rate for all trades in the first half of the year was $1,554, up 15.3% on the previous year.

　　Mr Feuerhake said that Hapag-Lloyd will remain price-sensitive and will not accept cargo at any price. “We will have an eye on the price we get for our load.“

　　To date, the container business has not been giving any reason for concern, the finance manager said. “We are happy with what we see in our business in July and August.”

　　There were some signs of further deterioration in the Far East trades, Mr Feuerhake admitted. “But the average rates for 2008 will be above the 2007 level.”

　　From lloydslist