• ITVI.USA
    15,868.670
    8.820
    0.1%
  • OTLT.USA
    2.774
    0.001
    0%
  • OTRI.USA
    21.470
    0.010
    0%
  • OTVI.USA
    15,873.680
    8.980
    0.1%
  • TSTOPVRPM.CHIATL
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  • TSTOPVRPM.PHLCHI
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  • WAIT.USA
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  • ITVI.USA
    15,868.670
    8.820
    0.1%
  • OTLT.USA
    2.774
    0.001
    0%
  • OTRI.USA
    21.470
    0.010
    0%
  • OTVI.USA
    15,873.680
    8.980
    0.1%
  • TSTOPVRPM.CHIATL
    2.960
    -0.660
    -18.2%
  • TSTOPVRPM.PHLCHI
    2.100
    -0.250
    -10.6%
  • TSTOPVRPM.DALLAX
    1.610
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  • TSTOPVRPM.LAXDAL
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  • TSTOPVRPM.LAXSEA
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  • TSTOPVRPM.ATLPHL
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  • WAIT.USA
    126.000
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American Shipper

TUI forecasts higher profits for Hapag-Lloyd

TUI forecasts higher profits for Hapag-Lloyd

   TUI AG, the German travel and tourism company that is the largest investor in Hapag-Lloyd, said Tuesday it expects the container liner company to “generate higher profit contributions than initially forecasted.

   'Since the presentation of the half-year report in mid-May 2010, the positive trend shown by Hapag-Lloyd has strengthened. Transport volumes, and in particular freight rates, have continually improved over recent months and are considerably up year-on-year,” it said in a statement issued Tuesday.

   TUI, which has a 43.33 percent stake in Hapag-Lloyd, said it expects the liner company to “post significantly positive operating earnings (underlying earnings before interest, taxes and amortization, or EBITA).”

   Hapag-Lloyd had revenue of about 1.27 billion euros ($1.6 billion) in the second fiscal quarter ending March 31, 13.4 percent more than in the same 2009 period. EBITA was 13.4 million euro in the second quarter compared to a loss of 221.7 million euro in the second quarter of the prior year.

   TUI acquired Hapag-Lloyd in 1998 and last year sold a majority stake to a group of investors that includes the City of Hamburg through its HGV holding company, K'hne Holding AG, M.M.Warburg Bank, HSH Nordbank and the insurance groups Signal-Iduna and HanseMerkur.

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