Hapag-Lloyd in Debt-Reduction Drive


Shipping line Hapag-Lloyd has recently announced that it aims to focus on profitability and to integrate its merger shipping company CSAV before proceeding with an initial public offering (IPO).

According to the Journal of Commerce, Hapag-Lloyd is said to be offering an IPO as a way of reducing debt worth around US$3.5 million

CEO of Hapag-Lloyd, Rolf Habben Jansen said of the decision: “We believe in our plan, that is why we are not in a rush.”

Both carriers reported a combined net loss of around US$95 million in Q3 2014, and for this reason, they have decided to refocus on profitability.

Hapag-Lloyd plans to make cost savings of more than $100 million in 2015 by boosting vessel utilisation and by improving inland transport operations. It also plans to save around $300 million from the merger with CSAV.

In other news, COSCO has landed a $1.75 billion loan from Cexim bank to finance 53 new ship builds.

(Source: World Maritime News)

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