TUI AG has announced that its container shipping arm, Hapag-Lloyd, enjoyed first quarter revenues of EUR1.45 billion (US$2.25 billion), up 1.9 per cent to over the EUR1.42 billion sales in the same period last year.
"At freight rate growth of 33.3 per cent, the Far East trade lane achieved a particularly outstanding performance," the company said according to an American Shipper report.
Operating profit, or EBITA, was EUR18 million in the first quarter compared to a loss of EUR36 million in the same period last year. "The rise was attributable to a significant improvement in freight rates on overall stable volumes. The 14.4 per cent decrease in the US dollar against the euro had an opposite effect," said TUI, which also repeated that it intends to sell its container shipping company.
"Despite a slight slowdown in the overall economic environment, TUI AG continues to expect a significant increase in earnings levels in container shipping for 2008 year," said a company statement.
TUI said transport volumes were up 8.9 per cent in the transpacific and 16.6 per cent in the Australasia trades, but down 8.3 per cent in the Atlantic trade lane.
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