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PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans -2-

28.09.15 08:00
Dow Jones Newswires

PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans IPO in 2015

DGAP-News: Hapag-Lloyd AG / Key word(s): IPO
Hapag-Lloyd AG: Hapag-Lloyd plans IPO in 2015

2015-09-28 / 08:00

Hamburg, 28 September 2015

Hapag-Lloyd plans IPO in 2015

Fourth largest container liner shipping company worldwide aims for listing on the regulated market (Prime Standard) of
Frankfurt Stock Exchange / Global pure play container line with well-balanced portfolio, modern fleet and strong
platform / Core shareholders invest US$100 million / Attractive growth perspectives

Hapag-Lloyd AG, one of the world's leading container liner shipping companies, is preparing its initial public offering
("IPO"). The Company intends to list its shares on the regulated market (Prime Standard) of the Frankfurt Stock Exchange
and on the regulated market of the Hamburg Stock Exchange in 2015.

Hapag-Lloyd expects total gross proceeds in the equivalent Euro amount of US$500 million from the IPO. US$400 million
will stem from the sale of newly issued shares to institutional and retail investors. In addition the core shareholders
Kühne Maritime ("Kühne") and Compañía Sud Americana de Vapores ("CSAV") are participating in the IPO with US$100 million
by placing cornerstone orders of US$50 million each. Hapag-Lloyd intends to use the expected US$500 million IPO proceeds
for further investments in ships and containers to further strengthen its capital structure, long-term growth and
profitability. The offer will also comprise additional shares from TUI and a market standard greenshoe.

"The IPO is an important milestone in the history of Hapag-Lloyd", said Rolf Habben Jansen, Chief Executive Officer of
Hapag-Lloyd. "This move will give us better access to the capital markets which will enable us to further invest in our
business to become more competitive, which will be good for our customers, our people and our shareholders. We are
especially pleased about the investment of our core shareholders which underlines once more their confidence in the
future of Hapag-Lloyd."

Fourth largest carrier worldwide

Hapag-Lloyd is a leading container liner shipping company with a truly global footprint. The acquisition of the
container liner shipping business of CSAV in 2014 and the successful integration of the business in the first half of
2015 made Hapag-Lloyd the fourth largest player worldwide by capacity. Hapag-Lloyd maintains a well-balanced portfolio
of trades distributed among its main markets providing certain resilience to adverse market developments on any single
trade lane. The fleet consists of 188 container ships with a total capacity of approximately 1 million TEU. By market
share, the Company is among the leaders on the Atlantic and Latin American trades with a recognized presence on the
Far-East and Transpacific trades. Its membership in the G6 Alliance, the second largest alliance globally by transport
capacity, gives Hapag-Lloyd the necessary scale benefits in a fragmented global shipping market.

Attractive and growing market

The container trade sector is expected to continue growing highly correlated with global GDP growth. Shipping is the
backbone of world trade: the estimated share of world trade via sea was 84% in 2014. The global container volume is
expected to grow by a compound annual growth rate of 5.5% between 2014 and 2016. The fundamentals around supply and
demand are expected to improve in the coming years, which would provide cyclical upside to the industry.

Highly competitive fleet and improvement of operational performance

Hapag-Lloyd operates a modern state-of-the-art fleet. Steady investments in vessels and containers have helped
Hapag-Lloyd to build one of the youngest fleets worldwide, resulting in lower fuel consumption and decreasing
transportation expenses. Seven new vessels with a capacity of 9,300 TEU each have been delivered between November 2014
and July 2015. Five 10,500 TEU container ships are scheduled for delivery between October 2016 and May 2017. In addition
to that, Hapag-Lloyd is active in several profitable niche businesses - i.e. the transport of temperature sensitive

Hapag-Lloyd is committed to operational excellence and continuously works on further strengthening its competitiveness.
The Company has a best-in-class IT system which supports the business processes, enables cost control and yield
management and facilitates effective network management.

Positive business development and synergies from CSAV

Transport volumes increased to around 3.7 million TEU in the first half of 2015, up 29.4% against the same period in
2014. Revenue increased by EUR 1.5 billion to approximately EUR 4.7 billion. This was mainly due to the contributions of
project "CUATRO", the merger with the container business of CSAV. Complementary trades, economies of scale and cost
reduction with a larger fleet and reduction of procurement costs make Hapag-Lloyd and CSAV a highly strategic fit. The
Company targets annual net synergies of around US$400 million fully realised by 2017. This is US$100 million higher than
originally targeted.

In 2014, Hapag-Lloyd also launched the profit improvement project "OCTAVE". This project targets annual cost savings of
approximately US$200 million from 2016 onwards and is currently well on track, already delivering tangible results in
the first half of 2015.

Both, "CUATRO" and "OCTAVE", already contributed to the profitability of Hapag-Lloyd. In the first half of 2015,
Hapag-Lloyd achieved an EBITDA of EUR 493.3 million and an operating result (EBIT) of EUR 267.7 million. The Company
recorded a profit of EUR 157.2 million.

Rolf Habben Jansen: "We have good momentum, our results have improved, and we have made up ground versus our
competition. We owe this to our committed staff who have done a good job in a difficult environment. Thanks to the
dedication of our whole crew we intend to capitalize on opportunities for growth in the sector and make our business
model more profitable and resilient."

Dedicated long-term shareholders

A consortium company owned by Compañía Sud Americana de Vapores ("CSAV"), HGV Hamburger Gesellschaft für Vermögens- und
Beteiligungsmanagement mbH ("HGV") and Kühne Maritime GmbH ("Kühne") holds a 78% majority stake in Hapag-Lloyd. CSAV,
HGV and Kühne have agreed by way of a shareholders' agreement to hold a stake of at least 51% for 10 years, not sell any
shares in the IPO and to pool their voting rights on all decisions relating to the Company's business, as they are
supporting Hapag-Lloyd long-term. TUI AG holds a 14% share in Hapag-Lloyd through TUI-Hapag Beteiligungs GmbH and
intends to sell shares in the IPO.

Berenberg, Deutsche Bank and Goldman Sachs International will act as Joint Global Coordinators and Joint Bookrunners.
Citigroup, Credit Suisse, HSBC and UniCredit have been mandated as additional Joint Bookrunners. DZ BANK, ING and M.M.
Warburg & CO will act as Co-Lead Managers.

About Hapag-Lloyd

With a fleet of 188 modern container ships, Hapag-Lloyd is one of the world's leading container liner shipping
companies. The Company has approx. 10,000 employees at 349 sites in 116 countries. Since the merger with CSAV's
container business in December 2014, the Hapag-Lloyd fleet has offered a total transport capacity of around one million
standard containers (TEU) as well as a container fleet of 1.6 million TEU - including one of the world's largest and
state-of-the-art reefer fleets. 128 liner services worldwide ensure fast, reliable connections between all the
continents. Hapag-Lloyd is a founding member of the G6 Alliance, one of the largest shipping alliances worldwide.
Hapag-Lloyd is one of the leading operators in the Atlantic and Latin America trades.


Hapag-Lloyd is a leading global container liner shipping company. Measured by the capacity of its fleet, Hapag-Lloyd is
the largest container liner shipping company based in Germany and one of the largest in the world (source: MDS
Transmodal, July 2015). Hapag-Lloyd offers its customers a comprehensive range of services through an extensive network
with 128 liner services worldwide, combined with the support of strong local presences with around 349 sales offices
(including agents) in 116 countries. Hapag-Lloyd offers both complete worldwide door-to-door container shipment services
and port-to-port services, as well as a variety of possible combinations which are tailored to meet its customers'
transport service requirements.

Hapag-Lloyd maintains a well-balanced portfolio of trades distributed among its main markets. The Company has a strong
presence in the high-volume Far East trade (Europe-Asia) as well as the Atlantic (Europe-North America) and Transpacific
(Asia-North America) trades. With the acquisition of the container liner shipping activities of CSAV in December 2014,
Hapag-Lloyd has especially strengthened its market position in the Latin America trade and in the Atlantic trade, where
it intends to seize opportunities for further profitable growth. The acquisition not only significantly enhanced
Hapag-Lloyd's global reach and the network the Company is able to offer to its customers, but also enables it to harness
extensive synergies. In addition, the Europe-Mediterranean-African-Oceania trade as well as the Intra-Asia trade
contribute to Hapag-Lloyd's overall transport volume.

Hapag-Lloyd's extended service network ensures that it is well positioned to benefit from an increase in trade flows
around the globe. Hapag-Lloyd has a strong position both in the high-volume East-West trade, which accounted for
approximately 56% of its total transport volume in the six months ended June 30, 2015, as well as in the North-South
trades, which accounted for approximately 44% of its total transport volume in the six months ended June 30, 2015. In
the financial year 2014 and in the six months ended June 30, 2015, these trades contributed to Hapag-Lloyd's total

(MORE TO FOLLOW) Dow Jones Newswires

September 28, 2015 02:00 ET (06:00 GMT)

PRESS RELEASE: Hapag-Lloyd AG: Hapag-Lloyd plans -2-

transport volumes as follows: Latin America (19.6% and 30.9%, respectively), Atlantic (24.5% and 20.8%, respectively),
Far East (19.2% and 17.7%, respectively), Transpacific (22.3% and 18.3%, respectively), Intra-Asia (8.3% and 7.5%,
respectively) and EMAO (6.1% and 4.9%, respectively).

Hapag-Lloyd's fleet is one of the largest container ship fleets globally (source: MDS Transmodal, July 2015). As of June
30, 2015, the Company had a fleet of 188 container ships with a total transport capacity of 989,177 TEU, of which it
owned 66, chartered 117 and finance leased five container ships. Of the 188 container vessels, the Company has chartered
out two ships with a capacity of 8,400 TEU and 3,426 TEU, respectively. As of June 30, 2015, Hapag-Lloyd managed a fleet
of 1,000,415 containers with a total transport capacity of 1,607,197 TEU, approximately 35% of which it owned with the
remainder being leased or rented. As of June 30, 2015, Hapag-Lloyd's order book comprised five new vessels each with a
capacity of 10,500 TEU scheduled for delivery between October 2016 and May 2017 as well as one vessel ordered by CSAV
with a capacity of 9,300 TEU, which was delivered in July 2015. Following the Offering, the Company considers to order
six ultra-large container vessels. In addition, it invested in 27,400 containers as of June 30, 2015. As a result of
these investments, the Company's ownership ratio in vessels and containers is expected to increase.

Hapag-Lloyd is one of the founding members of the G6 Alliance (whose other members are American President Lines Ltd.
(APL), Hyundai Merchant Marine Co., Ltd. (HMM), Mitsui O.S.K. Lines (MOL), Nippon Yusen Kaisha Lines (NYK) and Orient
Overseas Container Line Limited (OOCL)), one of the world's largest operating container liner shipping alliances with a
total combined capacity of approximately 3.6 million TEU, representing a 17.8% share of the global transport capacity as
of June 30, 2015 (source: MDS Transmodal, July 2015). In addition, Hapag-Lloyd maintains cooperation arrangements with
other carriers. Furthermore, Hapag-Lloyd is one of the founding members of the Grand Alliance, which also includes OOCL
and NYK, of which the majority of services were merged with those of the New World Alliance to form the G6 Alliance.
Such arrangements allow it to optimize fleet utilization by sharing capacity and to provide a range and geographic scope
of network services that would not be possible if Hapag-Lloyd relied solely on its own fleet of vessels. Hapag-Lloyd's
ability to coordinate its route planning with its partners enables it to use capacity more efficiently and benefit from
cost savings and lower capital expenditures. For the six months ended June 30, 2015, approximately 50% of Hapag-Lloyd's
total transport volume was carried on either its owned or chartered vessels contributed to the G6 Alliance and the Grand
Alliance, or vessels made available to Hapag-Lloyd through the G6 Alliance and Grand Alliance. In addition, the Company
has entered into a cooperation arrangement with CMA CGM, Hamburg Süd and other shipping companies, offering new products
between Asia and the Western and Eastern coasts of Latin America. This reflects its ongoing efforts to further
strengthen its global coverage of trades, expand its product offering (e.g., reefer products) between Asia and the West
and the East coast of Latin America and enhance Hapag-Lloyd's cost and operational efficiency.

Hapag-Lloyd has entered into contractual arrangements to use terminal facilities in each of the ports called by its
fleet and has strategic shareholdings in a container terminal in Hamburg, Germany. The Company currently owns a 25.1%
interest in HHLA Container Terminal Altenwerder GmbH in the Port of Hamburg, one of the most modern container terminal
facilities in the world (source: HHLA Hamburger Hafen und Logistik AG, June, 2015).

Hapag-Lloyd is headquartered in Hamburg, Germany. As of June 30, 2015, it had 9,958 full-time equivalent employees
worldwide. In the financial year 2014 and in the six months ended June 30, 2015, Hapag-Lloyd generated revenue of EUR
6,807.5 million and EUR 4,669.0 million, respectively, and EBITDA of EUR 98.9 million (including significant transaction
and restructuring costs as well as one-off costs) and EUR 493.3 million, respectively.


One of the market leaders with a strong global footprint and exposure to attractive niche businesses.

Demand for container liner shipping services has been, and will continue to be, positively correlated to the performance
of the global economy and the development of global trade volumes. According to the IMF, July 2015, the volume of global
trade, which is key to the demand for container liner shipping services, is forecast to increase by 4.1% in 2015 and
growth of global trade is expected to accelerate to 4.4% in 2016 as economic growth in industrialized countries such as
the USA and Japan and the industrialized Euro-zone is predicted to strengthen. With the world trading volume forecast to
grow, demand for container liner shipping services is likewise expected to continue its growth trend. According to
Clarkson (2Q 2015), the global container liner shipping volume has increased from 139.2 million TEU in 2010 to 171.2
million TEU in 2014 and is expected to reach approximately 179.8 million TEU in 2015. This would put the forecasted rise
in worldwide transport volumes in container liner shipping for 2015 and 2016 above the forecasted rate of growth for
global GDP growth. As a result, container liner shipping will continue to be a growth industry in the medium to long
term. Over the last 14 years Hapag-Lloyd has more than doubled its share of global transport capacity in the container
liner sector from 2.0% in 2000 to 4.8% as of June 30, 2015 (source: MDS Transmodal Feb. 2001 and July 2015). Hapag-Lloyd
achieved this by expanding its service network and through successfully integrating the CCS Activities in 2014 and the
CP Ships Ltd. acquisition in 2005. As one of the largest container liner shipping companies worldwide with an extensive
network comprising 128 services worldwide, Hapag-Lloyd expects to benefit strongly from the predicted growth trend.

Hapag-Lloyd possesses a competitive position, evidenced by its market shares of approximately 15.5%, 23.1%, 6.4% and
4.9% on the Latin America, Atlantic, Trans-Pacific and Far East trades, respectively (these market shares are estimates
based on TEU Hapag-Lloyd transported for its customers on each of the trades and container liner shipping transport
volume data from CTS, July 2015). Based on weekly capacity employed, Alphaliner estimates Hapag-Lloyd's market share to
be 28.1%, 5.2% and 4.3% on the Atlantic, Trans-Pacific and Far East trades, respectively (source: Monthly Monitor,
August 2015). In particular, Hapag-Lloyd believes that it is well positioned to benefit from growth trends in the
attractive niche businesses such as reefer, project cargo and dangerous goods businesses, where Hapag-Lloyd has a
long-standing and well-recognized expertise. With its fleet of state-of-the-art reefers with a capacity of 141,600 TEU,
to transport temperature-sensitive cargo such as fruit, vegetables, meat and fish as well as high value reefer cargo
such as pharmaceuticals and healthcare products, Hapag-Lloyd possesses one of the largest reefer container fleets in the
industry (source: Dynamar Reefer Report 2014). Hapag-Lloyd already owns 42% of its reefer fleet and has ordered
additional reefer containers with a total capacity of 12,000 TEU in July 2015. Hapag-Lloyd's position in the reefer
business will be further strengthened by the new 9,300 TEU vessels which it received over the past months as well as the
new orders for five 10,500 TEU vessels that Hapag-Lloyd recently placed. Both vessel types possess a large number of
reefer plugs (1,400 reefer plugs per vessel and 2,100 reefer plugs per vessel, respectively), enhancing Hapag-Lloyd's
carriage capacities for temperature sensitive cargo.

In addition to its expertise in the reefer business, Hapag-Lloyd has a dedicated department for the organization and
monitoring of oversized cargo with many years of expertise in handling the transport of out of gauge, Break-Bulk and
project cargo, offering one-stop-shop service to its customers. Hapag-Lloyd's fleet of special containers allows for the
carriage of oversized and especially heavy goods, catering to all kinds of cargo, even high value and sensitive cargo.
In addition, Hapag-Lloyd is constantly developing and constructing its own Hapag-Lloyd equipment capabilities in the
fields of security and stability. In the dangerous cargo business, Hapag-Lloyd believes to have a competitive edge,
which is strongly supported by its dangerous goods department and dangerous goods experts located in all of its regional
headquarters (Hamburg, Singapore, Piscataway and Valparaíso). Furthermore, its efficient specialist software
("Watchdog") enables Hapag-Lloyd to continuously and systematically scan all the bookings placed globally, using
intelligently linked criteria, to identify dangerous goods which have been declared incorrectly or which have not been
declared at all. These factors underscore Hapag-Lloyd's expertise and experience in the dangerous cargo business, which
enables it to capitalize on the transportation of sensitive goods, whose transportation may not be open to other
carriers due to strict certification requirements.

Furthermore, Hapag-Lloyd is actively exploring further value adding market niches - Hapag-Lloyd is one of only three
carriers worldwide being certified to carry U.S. governmental cargo with five of its vessels sailing under U.S. flag. In
addition, Hapag-Lloyd has a strong position in the flag-protected cabotage services on the trade routes Chile-Brazil,
intra-Chile and intra-Peru, which represent attractive niche businesses as due to flag restrictions, other carriers are
not able to offer these services.

(MORE TO FOLLOW) Dow Jones Newswires

September 28, 2015 02:00 ET (06:00 GMT)


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