Shipping line Hapag-Lloyd, in which TUI holds a stake, continues on a recovery path following a strong performance in Q3. As shown in the interim report published today, Hapag-Lloyd posted a leap in profits of 448.1 million euro to EBIT of 263.6 million euro in the third quarter (previous year –184.5 million euro)*. Thanks to a significant rise in freight rates, turnover climbed by 68.5 per cent to around 1.8 billion euro (previous year 1.1 billion euro). Transport volumes grew by 7.6 per cent to 1.27 million standard containers (TEU) in the third quarter (previous year 1.18 million TEU). The average freight rate level increased to 1,672 US dollar per TEU in the third quarter, up 43.3 per cent year-on-year (previous year 1,167 US dollar per TEU).
“Thanks to Hapag-Lloyd’s strong operating performance, our expectations concerning our stake have been confirmed. With these excellent operating results, all our options for the best possible divestment have been secured,” says TUI CEO Dr Michael Frenzel.
In the meantime TUI AG received payments from Hapag-Lloyd of around 65 million euros on deferred interest as well as the 226 million euros redemption payment of the bridge loan. Following the completion of the refinancing plan, TUI AG will hold a 49.8 per cent stake in Hapag-Lloyd by the end of the year. TUI AG will report further details on 14 December in the framework of the annual financial statements for financial year 2009/10.
