Monday, November 23, 2009

Hapag-Lloyd expected to post loss in 2010

According to Klaus-Michael Kuehne, the principal of Kuehne & Nagel, who bought shares in Hapag-Lloyd last year.

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

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