The German government is ready to provide Hapag-Lloyd with state loan guarantees worth $1.759 million, a government official told Reuters on Monday, speaking on condition of anonymity.

The guarantee is the amount which the shipping line, which is owned by
German travel company TUI AG and Albert Ballin, had sought.

Hapag-Lloyd lost $274.3 million in the second quarter ended June 30,
compared to a profit of $164 million in the same period last year, on
declining trade volume and freight rates.

Revenue decreased by approximately 26 percent to around $1.57 billion in the second quarter.

The German container line’s cumulative loss for the first six months
reached $627.1 million, compared to a profit of $190 million in the
first six months of 2008.

First-half revenue totaled $3.14 billion, compared to the previous year’s $4.14 billion.

Source: Journal of Commerce

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