Hamburg-Sud 2009 revenue expected to decline 29pc

Time:2010-01-05 Browse:38 Author:RISINGSUN

GERMANY`s second largest container shipping carrier after Hapag Lloyd, expects to suffer a 29 per cent revenue loss and expects a small loss overall for 2009, CEO Ottmar Gast told the Hamburger Abendblatt newspaper.
Giving no precise figures, Mr Gast said the company did better than most because of its policy of not allowing freight rates to go below cost.
Hamburg-Sud is the world`s sixteenth largest carrier with a fleet of 104 owned and chartered ships with a combined capacity of 310,477 TEU and a 2.3 percent market share, according to Alphaliner, the French container shipping consultancy