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Hapag-Lloyd profits US$132 million

GERMAN shipping line Hapag-Lloyd enjoyed an operating profit of EUR97 million (US$132 million) in the quarter ending December 31 compared to a loss of EUR21 million in the same period in 2009, declared its principal shareholder, travel giant TUI AG in its own earnings results.

Hapag-Lloyd profits US$132 million
10 February 2011 - 23:55

GERMAN shipping line Hapag-Lloyd enjoyed an operating profit of EUR97 million (US$132 million) in the quarter ending December 31 compared to a loss of EUR21 million in the same period in 2009, declared its principal shareholder, travel giant TUI AG in its own earnings results.

The container carrier, reported American Shipper, had revenue increases of 34 per cent year on year to EUR1.5 billion in the same period, according to TUI, which owns 48.88 per cent of the shipping line.

"This was due to higher transport volumes and in particular the significant year-on-year rise in average freight rates," the company said, adding that the transpacific trades led the way to profitability.

Hapag-Lloyd moved 6.6 per cent more volume to 1.2 million containers in the last three months of 2010, the first quarter of TUI's fiscal year, buoyed by 20 per cent higher freight rates, up from $1,368 in the last three months of 2009 to $1,639 per TEU in the corresponding period in 2010.

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