Filter content by area of interest
Ports & Terminals
Port AuthoritiesContainerBulkBreakbulk/General CargoRo-Ro/AutomotiveGTOs
Cargo Handling Equipment
STS CranesYard CranesMobile CHERo-Ro EquipmentBreakbulk EquipmentLow ThroughputBulk Handling Equipment
Shipping & Logistics
Container ShippingBreakbulk/General CargoRo-Ro ShippingDry Bulk ShippingLiquid cargoesLogistics
TOSPlanning & Optimisation TechnologyWiFiMobile ComputingPort Community SystemsAsset Tracking & Monitoring
Automated EquipmentGate AutomationRemote ControlProcess Automation
RailInland WaterwaysShortsea ShippingRoadAir-Cargo
Container Industry
Container manufactureContainer leasingRepair/StorageTradingConversion/Innovation
Operations/TransportContainer leasingEquipmentM&R/Storage
General cargoProject Cargo/Heavy LiftForest productsRo-Ro/AutomotiveAgribulks
Safety & Security
InsuranceHazardous cargoLashings/SecuringLegal/Regulatory
Civil Engineering
Port & terminal construction/designCivil & Consulting EngineersDredging & ReclamationMooring & FenderingLightingPaving & Surfacing
InsuranceLegal/RegulatoryAppointments/PeopleMergers/Acquisitions/RestructuringFinance/Financial ResultsTrade & Professional AssociationsBusiness/Commerce Miscellaneous
 View all Topics View all Topics A-Z
More View all Topics View all Topics A-Z

You are viewing 1 of your 1 guest articles

register  or  login  for full access to online news

Hamburg's Liberals want the city to "Hexit" - sell its shares in Hapag-Lloyd

Although Hapag-Lloyd has announced improved results for 2018, the leader of the Opposition FDP party in the Hamburg Parliament, Michael Kruse, is calling on the Hamburg government to sell its 13.86% stake in the carrier

Linked InTwitterFacebookeCard
Hamburg's Liberals want the city to "Hexit" - sell its shares in Hapag-Lloyd

Group net result increased to €46M 2018, up by €13M on 2017, while EBITDA rose to €1.138B compared to €1.055B. EBIT went up to €443M from €411M. Both these returns were at the upper end of the ranges forecast for the 2018 full financial year


“The market environment in 2018 was certainly not easy," said Rolf Habben Jansen, CEO of Hapag-Lloyd. "In the first half of the year, freight rates were below our expectations and bunker prices and costs increased during the year.


"In the second half of the year, however, these effects were partially offset as we benefitted from higher global transport volumes, better freight rates and improvements on the cost side. All in all, we are satisfied with the financial results for 2018.”


Revenues increased by 15 % in 2018 to €11.5B, in particular due to the merger with UASC and the associated 21% increase in transport volume, to 11.9M TEU Transport expenses were primarily driven by strong volume growth and a significantly higher average bunker consumption price of US$421 /tonne (2017: US$318 /tonne), increasing by 18 %, to €9.4B. At US$1,044/TEU, the average freight rate for the year as a whole was below the prior-year level (2017: US$1,060/TEU), with a better Q4 at US$1,079/TEU (Q4-17: US$1,038/TEU).


On a pro forma basis and when compared to the combined business of Hapag-Lloyd and UASC for the full year 2017, transport volume was up 6 % and average freight rate was up by 2 %.

Habben Jansen told the AGM in Hamburg that a lot is being talked about the shipping crisis, but "we see that the shipping markets are getting back to normal."

Hapag-Lloyd's famous Balindamm HQ - Kruse accused the Hamburg government of business naïvety
Hapag-Lloyd's famous Balindamm HQ - Kruse accused the Hamburg government of business naïvety

The problems concern the dividend for the year, just €0.15 per share compared to €0.57 in 2017. The market recovered quickly from this shock, but not the city of Hamburg, which is getting just €3.65 for its 13.86% stake (24.36M shares), but had been budgeting for €15M.


The shares are held through HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH, the holding company of the Free and Hanseatic City of Hamburg.

Hapag-Lloyd shareholder structure as of 22 March 2019. (Hapag-Lloyd)
Hapag-Lloyd shareholder structure as of 22 March 2019. (Hapag-Lloyd)

"It’s time for a Hexit - the exit of the city of Hamburg from Hapag-Lloyd," Michael Kruse told Mayor Dr Peter Tschentscher.


Kruse applauded the line’s decision to use the savings on the dividend to reduce debts, but accused Finance Senator Andreas Dressel, part of the governing SDP/Green Party coalition, of being naïve in anticipating a €15M pay-out and thus compromising the city’s finances.

Linked InTwitterFacebookeCard

You may also be interested in...

ZPMC moves in

Bunking up the logs for easy moves

Pulp facts to the fore in Montevideo

Hyster clamps up on reel handling

Sizing up the breakbulk market

Getting on the intermodal track

Related Stories

Kalmar Italia and FTMH among winners of 2019 ITALA awards

The prestigious ITALA prizes were awarded during the seventh edition of the bien...

Antwerp and Zeebrugge in merger talks

Antwerp and Zeebrugge are embarking on formal negotiations for an amalgamation,...

Setback for Gateway Basel Nord

The trimodal Gateway Basel Nord (GBN) project, being taken forward by an ad hoc...

MSC gives Northern Sea Route the cold shoulder

MSC says it "will not explore or use the Northern Sea Route between Europe and A...
Linked In