Hapag-Lloyd is on track for a further loss in 2010, one of its largest stakeholders said on Sunday. "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.
Kuehne said he did not expect TUI, the German tourism group that holds a 43 percent stake in Hapag, to sell its remaining stake in the company any time soon.
"TUI can only get out once Hapag has a convincing business model, otherwise it will not find a buyer for its stake," Kuehne said.
The Hamburg-based investor consortium Albert Ballin, to which Kuehne belongs, holds the remaining 57 percent.
Kuehne said he favors an eventual merger of Hapag with another large shipping company, though the headquarters of the merged entity must remain in Hamburg, he said.
Sources familiar with the situation told Reuters earlier this month that the shipper, while not facing a worst-case scenario, was still threatened, with one source citing an expected operating loss this year of $1 to 1.2 billion.
The company was also expected to post an operating loss of around $500 million in 2010, a source said.
"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.
Kuehne said he did not expect TUI, the German tourism group that holds a 43 percent stake in Hapag, to sell its remaining stake in the company any time soon.
"TUI can only get out once Hapag has a convincing business model, otherwise it will not find a buyer for its stake," Kuehne said.
The Hamburg-based investor consortium Albert Ballin, to which Kuehne belongs, holds the remaining 57 percent.
Kuehne said he favors an eventual merger of Hapag with another large shipping company, though the headquarters of the merged entity must remain in Hamburg, he said.
Sources familiar with the situation told Reuters earlier this month that the shipper, while not facing a worst-case scenario, was still threatened, with one source citing an expected operating loss this year of $1 to 1.2 billion.
The company was also expected to post an operating loss of around $500 million in 2010, a source said.