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Hapag-Lloyd IPO planned for 2011

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logo-tui-agGerman travel group TUI AG is looking to complete its exit from container shipping.

The Executive Board of TUI AG and the Board of Directors of Hamburgische Seefahrtsbeteiligung “Albert Ballin” GmbH & Co. KG (Albert Ballin) have instructed investment banks Credit Suisse, Goldman Sachs and Greenhill to commence preparations for a stock exchange listing of Hapag Lloyd, the world’s fifth largest containership line. In parallel, a search for strategic and financial investors interested in becoming core minority investors in Hapag-Lloyd continues

TUI announced its intention to exit the container shipping business in 2008. A first step was taken in 2009 with the sale of a majority shareholding to Albert Ballin, a Hamburg-based investor group that, by the end of this year, will own 50.2 percent of Hapag-Lloyd.The shareholders are now seeking long-term oriented investors to replace TUI to secure a stable shareholder base for Hapag-Lloyd.

Hapag-Lloyd has significantly increased its turnover and profitability in the current financial year, generating a turnover of 4.7 billion euro over the first nine months of 2010 and EBITDA of 744 million euro. Thanks to this strong operational performance Hapag-Lloyd has been able to give back the government guarantee extended to it in 2009 and during this year has reduce debts owed to TUI and Albert Ballin by approximately 600 million euro. The company currently owns 59 ships and charters more than 70 further ships with a total capacity of 575,000 TEU.

December 8, 2010

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