Thursday, August 20, 2009

Hapag-Lloyd letter to customers

This was passed to me by one of my readers.

I have no comment.

We are pleased to inform you that the shareholders of Hapag-Lloyd AG agreed today
on their contribution to supporting and strengthening the shipping line in the long
term. This is a prerequisite for being able to apply for government guarantee of €1.2
billion. The application, which covers an overall sum of €1.95 billion, is now being
submitted by the consortium banks to the responsible governmental bodies in Berlin.
The reason for this step is that also Hapag-Lloyd could not avoid the consequences
of the far-reaching crisis affecting the entire shipping sector, even though we already
initiated a comprehensive savings programme last year. Our current concept
envisages long-term cost savings of US$900m. The reports received from our
consultants confirm that we are active in a growth market which is attractive in the
long term and that we have an excellent positioning in our industry.
We would like to thank you for the confidence that you have given us in this difficult
phase for our business. We consider ourselves now well prepared for the future and
are looking forward to a close cooperation with you.
We will keep you informed on further developments.
Yours sincerely,

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