Hapag-Lloyd Opens New South Europe HQ
German cargo container shipping line, Hapag-Lloyd AG, officially opened its headquarter for the new region.CEO Rolf Habben Jansen presented the keys of the office complex in Genoa (Italy) to the new Senior Managing Director Juan Pablo Richards.During the opening event, Habben Jansen explained the motivation to create a new region: “After our merger with UASC in 2017 the Mediterranean region has gained more importance for us. That's why we are eager to bolster our competitive position…
Hapag-Lloyd Expands Indian Services
German-based cargo container shipping line, Hapag-Lloyd AG expects Indian container market to grow further and it launches two new services."In response to growing demand, Hapag-Lloyd will offer more services from and to India. Two new services, the South East India - Europe Express (IEX) and the Middle East-India-Africa Express (MIAX), will enter into operation in October," the shipper said.Both the IEX and the MIAX will further strengthen and optimize Hapag-Lloyd’s market-leading…
Hapag-Lloyd Launches Quick Cargo Insurance
German-based global cargo container shipping line, Hapag-Lloyd AG is expanding its digital product portfolio. As one of the first container shipping companies, Hapag-Lloyd is now offering its customers an online marine insurance."Quick Cargo Insurance" provides customers with tailor-made insurance offers around the clock. The insurance cover takes effect immediately upon conclusion of the contract."Not every cargo transported by sea is insured, yet. For instance, small and medium-sized customers often do not take out insurance for cost reasons.
Hapag-Lloyd Orders 13,000 Reefers
German-based cargo container shipping line Hapag-Lloyd AG has placed a record order for 13,420 refrigerated containers, known as reefers, which are set for delivery in November 2019.A statement from the fifth biggest container shipping line in the world by market share said that production of 970 20-foot containers and 12,450 40-foot containers is already scheduled to commence as early as July.Delivery of the refrigerated containers, which have traditionally been white as opposed to Hapag-Lloyd’s orange standard containers…
Hapag-Lloyd Redeems Bond Early
German-based container shipping line Hapag-Lloyd AG has decided to partially redeem EUR 170 million of its senior note on 11 February 2019 and prior to its maturity 2022 at a fixed redemption price of 103.375 percent.According to a press release from the transportation company, the senior note was issued in February 2017 with an aggregate principal amount of EUR 450 million. The annual coupon is 6.75 percent."This partial redemption will be done from cash proceeds, predominantly…
Hapag-Lloyd Names Rothkopf COO
Hapag-Lloyd has announced that Maximilian Rothkopf is to be its new chief operating officer (COO). He will take over as new COO of Hapag-Lloyd when Anthony J. Firmin retires in late June.Maximilian Rothkopf, who holds a master's degree as well as a doctorate in business administration, has been a Partner since 2014 at McKinsey & Company, where he has been a member of the global Travel, Transport and Logistics (TTL) leadership team. He started his career in 2005 at the management consulting firm…
Ship Recycling Transparency Initiative Launched
Industry leaders and non-profit the Sustainable Shipping Initiative announced the launch of the Ship Recycling Transparency Initiative’s (SRTI) online platform - a tool for sharing information on ship recycling to drive responsible practice.According to a press release, the platform comes nine months after a group of shipping companies first announced their collective effort to use the market-drivers that transparency brings to make responsible ship recycling the norm. Demanding transparency holds the shipping industry to account…
Hapag-Lloyd Profit Doubles
German shipping company Hapag-Lloyd AG more than doubled its bottom line in the third quarter compared to the same period last year on account of booking lower interest costs.The container carrier said in a press release that it made a net profit of 112.4 million euros ($128.5 million) in the quarter ended Sept. 30, compared with EUR51.6 million a year earlier, on revenue that rose 8.6% to EUR3.04 billion.Hapag-Lloyd has concluded the third quarter 2018 with higher earnings before interest and taxes (EBIT) of EUR 212.1 million (Q3 2017: EUR 178.1 million).Meanwhile…
Shipping Industry Heads for Climate Protection
At gmec, the global maritime environmental congress (gmec) during SMM in Hamburg, high-profile business and science experts discussed how the global shipping industry can achieve the International Maritime Organization’s (IMO) environmental goals while continuing to provide its services at competitive prices.“We are at the beginning of a new chapter in the history of shipping,” said Tian-Bing Huang, Deputy Director - Marine Environment Division at the IMO, in his opening keynote.There is no question that the shipping sector is facing huge challenges…
Eco-friendly Power for Container Ships in Hamburg Port
Port of Hamburg is taking a further step toward improving air quality at its port. Innovative technology developed right here in the city is set to enable large and very large container ships to switch off their auxiliary diesel supplies during lay time and instead draw the power they need for on-board operations from a new kind of mobile generator.Becker Marine Systems, Hapag-Lloyd AG and Hamburger Hafen und Logistik AG (HHLA) have been testing the new technology as part of a joint pilot project since the start of the year.
Hapag-Lloyd Investing in East Africa
German shipping company Hapag-Lloyd is continuing to focus on the growing market in East Africa, where annual growth rates of approximately six percent lead the African continent.In April 2018 Hapag-Lloyd launched the East Africa Service (EAS), its first dedicated service to East Africa. The weekly service sails from Jeddah to Mombasa, and from there to Dar es Salaam, in Tanzania, and directly back to Jeddah. The service will be expanded in September with a weekly connection to and from Nhava Sheva, Mundra, Khor Fakkan, Jebel Ali, Mombasa and Dar es Salaam.
Hapag-Lloyd AG: Bunker Costs Rise, Earnings Sink
Maritime companies under market pressure have another negative force with which to deal: Steadily rising bunnker costs in tandem with oil's nearly year-long rise. According to Moody's, Hapag-Lloyd on June 29 revised its outlook for EBIT and EBITDA closer to the actual results for 2017 whereas previously the company expected both of those measures to increase. While Moody's noted that the weaker operating performance is a credit negative, the ratings for Hapag-Lloyd are unaffected.Hapag-Lloyd now expects to generate a full-year EBITDA in the range of €900 - €1…
Hapag-LLoyd Extends Contract of CEO Rolf Habben Jansen
The supervisory board of Hapag-Lloyd AG has unanimously approved to extend the contract of Chief Executive Officer Rolf Habben Jansen for a further five years until 31 March 2024. “With Rolf Habben Jansen at the head, Hapag-Lloyd has further improved its position as a leading global liner shipping company in a challenging market environment and as an active driver of industry consolidation. The extension of his contract ensures continuity in the corporate management,” said Michael Behrendt, chairman of the supervisory board of Hapag-Lloyd AG.
Hapag-Lloyd to Cut CO2 Emissions by 20 % by 2020
Hapag-Lloyd is publishing the company’s first sustainability report ever yesterday (April 22) as the world celebrates “Earth Day,” which says that the company had achieved 46 percent reduction between 2007 and 2016. Within the report, the shipping company is announcing for the first time the climate goal it has set for itself: By 2020, Hapag-Lloyd intends to achieve a 20 percent reduction in CO2 emissions per TEU-kilometer (compared to 2016). Hapag-Lloyd has already succeeded in significantly lowering its CO2 emissions in the past.
Thorsten Haeser Steps Down as CCO of Hapag-Lloyd
Thorsten Haeser has quit as chief commercial officer of Hapag-Lloyd, which has reorganised its executive Board. CCO Thorsten Haeser is leaving the Company as at 31 March 2018 on the most amicable of terms. With great professionalism and personal dedication, he managed and realigned the Executive Board’s sales responsibilities. Following the merger with container liner shipping company United Arab Shipping Company (UASC), Haeser played a key part in the smooth integration of UASC’s business into Hapag-Lloyd AG. Haeser was also instrumental in advancing the digitalisation of the Company.
Diana Containerships Announces Continuation of Time Charter Contract
Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Hapag-Lloyd AG, Hamburg, for one of its Panamax container vessels, Sagitta. The Sagitta is a 3,426 TEU containership built in 2010. The gross charter rate is $8,400 per day, minus a 1.25 percent commission paid to third parties, for a period of minimum three months to maximum five months. The new charter period will commence on February 15, 2018.
Hapag-Lloyd Bullish on Mexico
After evaluating performance in 2017, the German shipping line serving sectors such as pharmaceuticals, the automotive industry and the technology sector in Mexico expects maritime shipping volumes to experience double-digit growth in 2018 and foresees a continuous increase in cargo volumes. On holding its annual meeting with Latin American leaders in Mexico, the shipping line Hapag-Lloyd pointed to significant growth in infrastructure and operational capacities in the country on reporting its year-end closing for 2017.
Hapag-Lloyd, UASC Complete Merger
Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd.
Hapag-Lloyd Stakeholders Okay Capital Increase
Hapag-Lloyd shareholders approved all items on the agenda at today’s Annual General Meeting. In particular, the shareholders approved the creation of new authorised share capital. This is to be used for a planned capital increase of USD 400 million, which is scheduled to take place within six month after the closing of the merger with the Arabian liner shipping company UASC. The closing took place on May 24. Some of the anchor shareholders have committed to backstop the cash capital increase in the amount of USD 400 million.
Hapag-Lloyd's Newest Ship Named Guayaquil Express
Hapag-Lloyd held a naming ceremony in Hamburg for the Guayaquil Express, the fourth of five newbuildings in its 10,500 TEU class. The patron is Christine Kühne, wife of Klaus-Michael Kühne, majority shareholder and Honorary Chairman of Kühne + Nagel International AG. Among those attending the christening at the Container Terminal Altenwerder in the Port of Hamburg were Olaf Scholz, the Mayor of Hamburg, and Angela Titzrath, the CEO of Hamburg Hafen und Logistik AG. “This naming ceremony is a symbol of the close connection to our home port…
Hapag-Lloyd Issues Euro Bond Worth EUR 300mln
Hapag-Lloyd AG, a leading global container shipping company, launched a euro bond offering with a volume of EUR 300 million and a maturity of seven years. The proceeds will be used for the early redemption of the company’s euro bond due in 2018 and the early partial redemption of the euro bond due in 2019. Currently, the redemption is envisaged for October this year. Hapag-Lloyd is one of the leading companies in the industry and generated an EBITDA of EUR 607.4 million and an EBIT of EUR 126.4 million in 2016.
FMC Commissioner Doyle Weighs in on THE Alliance Proposed Amendment
Federal Maritime Commissioner William P. Doyle issued a statement addressing THE Alliance’s filing of an amendment to add further detail to protections in the event of an insolvency. I am pleased that The Alliance is seeking Federal Maritime Commission authority to form, contribute funds to, develop rules for, and administer a contingency fund designed to protect against the effects of one of the parties experiencing financial distress or an insolvency event. Parties to THE Alliance Agreement (Agreement No.: 012439) filed an amendment with the Federal Maritime Commission on August 7…
THE Alliance Sets $50 Mln Insolvency Contingency Fund
Remarks from Federal Maritime Commissioner William P. Doyle at the FTR Transportation Conference 2017, Indianapolis, Ind. On September 13, 2017, I voted to expedite the Commission’s decision and support THE Alliance’s amendment authorizing creation of a contingency trust fund designed to protect customers’ cargo and the ocean transportation chain should one of THE Alliance’s carriers experience financial distress or an insolvency event. I support the goal behind this amendment: the smooth and continuous flow of cargo even in the face of another ocean carrier bankruptcy or catastrophic failure.
Hapag-Lloyd to Raise Capital Following Merger with UASC
Hapag-Lloyd AG will now carry out the capital increase that was agreed upon as part of the merger of Hapag-Lloyd and UASC. The gross proceeds are expected to amount to approx. EUR 352 million (approx. USD 414 million). The official merger of the two companies occurred on 24 May 2017. At the Annual General Meeting on 29 May 2017, the shareholders approved new authorised share capital for a capital increase. The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH…
Hapag-Lloyd Reports Better Results for Q3 2017
Hapag-Lloyd closed the third quarter of 2017 with a significant positive Group net profit and a much improved operating result (EBIT). The integration with United Arab Shipping Company (UASC) is almost completed and on schedule to be finalized by the end of the year. For the third quarter the net profit amounted to EUR 54.3 million (prior-year period: EUR 8.2 million), the EBIT rose to EUR 180.6 million (prior-year period: EUR 65.6 million), and the EBITDA stood at EUR 361.5 million (prior-year period: EUR 184.6 million).
Hapag-Lloyd Completes Integration with UASC
Hapag-Lloyd successfully completed the integration of UASC into the Group on 30 November 2017. At a gathering of the shipping company’s global management in Hamburg, Rolf Habben Jansen, CEO of Hapag-Lloyd AG, said in the afternoon: “Thanks to the very good cooperation of our teams we have managed to successfully implement this integration in just six months. Hapag-Lloyd merged with the United Arab Shipping Company on May 24, 2017. Within the subsequent six months, the operating businesses…