Hapag-Lloyd is on track for a further loss in 2010, ....
"I don't expect a profit at Hapag next year either," German logistics billionaire Klaus-Michael Kuehne told the German weekly Welt am Sonntag newspaper.
"However, I think the worst is behind us," said Kuehne the biggest investor in the Albert Ballin consortium, which owns a majority stake in the Hamburg-based liner company.
He said that transport volumes and freight rates were rising, while cost-cutting had also benefited the company, Germany's biggest carrier.
"It is astounding all the things you can save money on," the 72-year-old entrepreneur said, adding that he would not expect to receive a dividend from Hapag for years.
He hasn't said if they will make money in 2011.
This man I trust. He speaks his mind, and calls it the way he sees it.
He was very outspoken of the management decisions at Hapag-Lloyd, but apparently with the pressure due to their losses, they have "seen the light".
click here for link to article from The Journal of Commerce