Financial News

Moody’s confirms Hapag-Lloyd rating and acknowledges business model

Rating agency emphasises solid financial structure and market share / Hapag-Lloyd “best industry performer” in Q3 / New G6 alliance further strengthens Hapag-Lloyd’s position in major trade

Rating agency Moody’s today confirmed Hapag-Lloyd’s B1 rating and acknowledged its business model and its solid financial structure and liquidity. The good market shares and flexible cost structure of the company were also emphasised as advantages. Hapag-Lloyd was the only major liner shipping company in the world to have achieved a positive result in the third quarter of 2011, making it the “best industry performer” (Moody’s). In its analysis, the rating agency only adjusted its forecast in light of the bleak outlook for the global economy and for the shipping industry, changing it from “stable” to “negative”. However, this has no direct effect on the rating, which has remained constant.

“We are proud that our rating has remained unchanged,” said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd. “Not only were we the only major liner shipping company to have made a profit in the third quarter of this challenging year, we also managed to remain in the black in our operating business for the first two quarters as well. We are also actively contributing towards forging and determining the future for our industry. Proof of this is the new G6 Alliance, also announced today, which will make us a partner in the most significant alliance in the Far East–Europe trade. When it comes to strategic and financial focus, I believe that Hapag-Lloyd is without a doubt in one of the best positions of all of the liner shipping companies,” said Michael Behrendt.