Hapag-Lloyd taps shareholders
Hapag-Lloyd, Germany’s largest container-shipping company, was yesterday locked in talks with its shareholders about a short term financial lifeline of €300m (£259m). Hapag, which reported a €222m operating loss in the first quarter, is hoping to gain a significant injection from its two largest shareholders – Tui, the tourism group, and Hamburg’s state government – in a bid to avoid becoming the highest-profile victim in the industry’s worst downturn. Hapag is still chasing a further €1.75bn to ensure its long-term survival.