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Issue #591

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Terminal Operators

Air Cargo Quarterly

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2014 Media Kit

TUI AG says options open for Hapag-Lloyd cruise unit

By: | at 03:31 AM | Liner Shipping  

German travel and tourism group TUI AG said it was keeping options open for its Hapag-Lloyd cruise business and would take a decision on whether it fit within the group once it had achieved a turnaround.

“We have to consider how strategic the Hapag-Lloyd cruises brand is for the group,” Chief Executive Friedrich Joussen told analysts after TUI reported first-quarter financial results on Wednesday.

He also said TUI AG would only participate in a possible capital increase at separate container shipping company Hapag-Lloyd, in which it owns a 22 percent stake, if it had a guaranteed exit.

Hapag-Lloyd is in merger talks with Chilean shipper Vapores and a deal could result in two capital increases.

“We want to exit. We are not in the business to invest more,” Joussen said. (Reporting by Victoria Bryan; Editing by Maria Sheahan)