Hapag-Lloyd orders eight large ships

Hapag-Lloyd is to order eight large ships. Dr Michael Frenzel, CEO of TUI AG (parent company of Hapag-Lloyd) unveiled it today at the Annual GM of TUI : ''In the context of this growth strategy over the last few days we have just approved orders for another eight container vessels to be completed in 2009 and 2010. We will decide closer to the time whether we shall buy them outright or charter them''. It is not known if this plan is linked to the announcement today by Samsung of six units of arround 8,500 teu (See news below).He also reaffirmed the TUI's commitment for its container shipping division : ''With respect to the unsatisfactory development of the results for 2006 we have, of course, been giving this very close scrutiny and attention. Should we change our strategy for the Shipping division ? Was the investment in shipping a mistake ? The answer to both questions is a resounding no. Despite the cyclical nature of the industry we remain absolutely convinced about the future and the long-term profitability of the Shipping division''.Hapag-Lloyd is currently the fifth largest carrier, with fleet of 480,000 teu at today count, commanding a global liner market share of 4.4%, according to the AXS-Alphaliner TOP 100.