TUI Group announced that it has signed an agreement to sell a 50% stake in cruise line Hapag-Lloyd Cruises to Royal Caribbean. The former TUI Group subsidiary will be integrated into the TUI Cruises joint venture, a structure having been established by TUI and Royal Caribbean since 2008. The closing of the transaction is expected for this summer.
As the IMO’s 2020 Sulphur Cap is approaching, Hapag Lloyd is taking steps towards the ultimate compliance with the new regulations, introducing an IMO2020 Transition Charge (ITC) for short-term contracts as of 1 December 2019.
Hapag-Lloyd announced on February 25, a 32% year-on-year increase in 2018 operating profit, citing higher transport volumes, enhanced freight rates and ongoing cost synergies from merging with rival UASC in 2017. The operating profit before interest and tax (EBIT) reached the 443 million euros ($502.63 million) up from 411 million euros in 2017, according to the company’s statement in detailing preliminary results.
Moody’s upgraded Hapag-Lloyd to B1 from B2, its probability of default rating (PDR) to B1-PD from B2-PD and its senior unsecured bond ratings to B3 from Caa1. This rating reflects Hapag-Lloyd’s progress in integrating UASC after the merger, while also reducing leverage and generating positive free cash flow on the back of tight cost management and increased efficiencies.
German Hapag-Lloyd AG announced its decision 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%. The senior note was issued in February 2017 with an aggregate principal amount of EUR 450 million.
Hapag-Lloyd, German liner shipping company, declared General Average concerning Yantian Express containership, that was stroke by fire. In conjunction with declaring General Average, the owners will set Average Adjusters that will be responsible for coordinating the collection of securities ans all documentation needed from parties that have interests in cargo, containers, vessel and fuel.
ONE and Hapag-Lloyd have established a Bilateral Strategic Feeder Network Cooperation Agreement, joining forces on feeder services. This agreement has already started on the first trades. Initially, the cooperation will cover specific Intra-Europe and Intra-Asia feeder trade lanes.
Ahead of the 2020 sulphur cap, Hapag Lloyd said that using low-sulphur fuel oil will be the key solution for the company to remain compliant. This fuel however, comes with an increase in fuel costs, something that made Hapag Lloyd establish a Marine Fuel Recovery (MFR) mechanism.
German shipping giant Hapag-Lloyd informed that during September it will introduce four new direct connections from the Port of Mombasa to the UAE and India. The direct connections will include Nhava Sheva (India), Mundra (India), Khor Fakkan (UAE), Jebel Ali (UAE), Mombasa and Dar es Salaam.
Hapag-Lloyd will limit its costs to deal with increasing fuel prices that caused the company to cut its current profit outlook. Namely, as the company’s CEO, Rolf Habben Jansen noted, costs increased more than expected, something that puts pressure on the operating margins.
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