Loss to be lower than expected

TUI, which had sold a majority stake in Hapag-Lloyd in March 2009, said on 28 October 2009 that the container shipping company's loss in 2009 will be lower than expected thanks to successful cost-cutting efforts and stabilizing freight rates. According to Logistics Finland, market observers have seen a USD 900mn (EUR 611.60mn) loss at Hapag-Lloyd.

(Source: Transport Weekly)