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Hamburg S'd forecasts 30% growth in liner division.
(From Lloyds List)
Byline: Increase in addition to 2003 growth, writes Herbert Fromme
HAMBURG S'd, the German shipping company controlled by the food-to-transport conglomerate Oetker, expects its liner operations to grow by 30% in 2004.
Deputy chief executive Ottmar Gast told staff in an internal communication that this comes on top of a 45% increase in 2003, when Hamburg S'd reaped the fruits of a number of takeovers. The company acquired the Ellerman services from Andrew Weir and the liner operations of Taiwan's Kien Hung.
Hamburg S'd traditionally does not publish figures, so it is unclear to what base figure the 30% increase refers. Its total turnover from all shipping container and bulk was some €2bn ($2.4bn) in 2003.
The company's expansionist mood is also reflected in the fact that it will spend around € 800m over the coming years on new ships and boxes. Six 5,500 teu ships are under construction at Daewoo in South Korea.
Hamburg S'd has also frequently been mentioned as a possible buyer for its bigger rival Hapag-Lloyd, should the latter's parent T ui decide not to go ahead with the initial public offering but to seek an individual buyer.
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