• ITVI.USA
    14,128.230
    318.660
    2.3%
  • OTRI.USA
    21.970
    0.490
    2.3%
  • OTVI.USA
    14,109.280
    325.230
    2.4%
  • TLT.USA
    2.810
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    1.870
    -0.030
    -1.6%
  • TSTOPVRPM.ATLPHL
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  • TSTOPVRPM.LAXSEA
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  • TSTOPVRPM.DALLAX
    1.320
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    -3.6%
  • WAIT.USA
    127.000
    0.000
    0%
  • ITVI.USA
    14,128.230
    318.660
    2.3%
  • OTRI.USA
    21.970
    0.490
    2.3%
  • OTVI.USA
    14,109.280
    325.230
    2.4%
  • TLT.USA
    2.810
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    1.870
    -0.030
    -1.6%
  • TSTOPVRPM.ATLPHL
    2.290
    -0.190
    -7.7%
  • TSTOPVRPM.CHIATL
    2.760
    -0.310
    -10.1%
  • TSTOPVRPM.LAXDAL
    2.040
    -0.240
    -10.5%
  • TSTOPVRPM.LAXSEA
    2.630
    -0.090
    -3.3%
  • TSTOPVRPM.DALLAX
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    -0.050
    -3.6%
  • WAIT.USA
    127.000
    0.000
    0%
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.