TUI chief executive Michael Frenzel has embarked on an Asian tour to find a potential buyer for the group's container shipping business Hapag-Lloyd which has been put up for sale.
As part of the tour to market its container shipping line, Mr Frenzel is expected to meet potential suitors in Singapore, Hong Kong and Tokyo to hand over a sale prospectus, said a source close to the situation, Reuters reports.
TUI said only that it would be sending out the information packet on Hapag-Lloyd, the world's fifth-largest container shipping line, this week.
The carrier has a fleet of 140 ships and generated sales of US$9.22 billion (EUR6 billion) in 2007. Analysts say the shipping line could be worth up to EUR5 billion. Its main ocean-going routes focus on the trades across the Atlantic and Europe-Asia.
In Hong Kong, Mr Frenzel is prepared to meet OOCL, and the source said he will meet NYK Line in Tokyo.
The report quoted unnamed shipping experts as saying the potential bidders from Asia for Hapag-Lloyd will likely include China Shipping Container Lines, Cosco, STX Pan Ocean and Hyundai Merchant Marine.
In Europe, Maersk Line, Switzerland's MSC and France's CMA CGM are also considered possible suitors, while a group of German investors are also in the running to keep the line based in Hamburg.
As part of the tour to market its container shipping line, Mr Frenzel is expected to meet potential suitors in Singapore, Hong Kong and Tokyo to hand over a sale prospectus, said a source close to the situation, Reuters reports.
TUI said only that it would be sending out the information packet on Hapag-Lloyd, the world's fifth-largest container shipping line, this week.
The carrier has a fleet of 140 ships and generated sales of US$9.22 billion (EUR6 billion) in 2007. Analysts say the shipping line could be worth up to EUR5 billion. Its main ocean-going routes focus on the trades across the Atlantic and Europe-Asia.
In Hong Kong, Mr Frenzel is prepared to meet OOCL, and the source said he will meet NYK Line in Tokyo.
The report quoted unnamed shipping experts as saying the potential bidders from Asia for Hapag-Lloyd will likely include China Shipping Container Lines, Cosco, STX Pan Ocean and Hyundai Merchant Marine.
In Europe, Maersk Line, Switzerland's MSC and France's CMA CGM are also considered possible suitors, while a group of German investors are also in the running to keep the line based in Hamburg.