Report: Hapag-Lloyd forecasts big boost in earnings

Report: Hapag-Lloyd forecasts big boost in earnings Hapag Lloyd will have sales this year of about $9.8 billion, nearly 20 percent more than last year, and they will reach $11.7 billion by 2010, according to the Financial Times.
   The paper said those figures come from a prospectus delivered to about 15 shipping companies by TUI AG, the German tourism company that owns Hapag-Lloyd and is seeking to sell it or spin it off.
   The Financial Times also said the prospectus forecasts underlying earnings before interest, taxation, depreciation and amortization (EBITDA) to increase nearly 67 percent to $788 million this year and reach $1.3 billion in 2010.

Frenzel

   Michael Frenzel, TUI’s chief executive officer, has been reported to be in Asia this week to discuss sale of the company. Singapore’s Neptune Orient Lines, parent of APL, has been frequently mentioned in press stories as being a potential bidder for Hapag-Lloyd.
   Press reports earlier this week quoted August Oetker, CEO of the parent company of Hamburg-Sud container-shipping line, as saying his company does not plan to bid for Hapag-Lloyd.