Open print version - Hapag-Lloyd

interim group management report I hapag-lloyd interim group report 9M · 2012
In its rating update on 28 September 2012, the international rating agency Standard & Poor’s downgraded
its issuer rating for Hapag-Lloyd Holding AG from BB– to B+. The outlook (“negative”) remained unchanged.
The rating agency Moody’s reduced its rating from B1/“Negative Outlook” to B2/“Negative Outlook” on
31 October.
As described in the section “Risk and Opportunity” of the Group management report for 2010 and 2011, the
downgrading of Hapag-Lloyd Holding AG’s rating and that of the bonds issued could result in less favourable
conditions for raising new funds in the medium term and could adversely affect the trading price and the
fungibility of the securities.
There were no other major changes to the external environment or the Company’s internal conditions in the
first nine months of 2012.
events after the balance sheet date
There were no significant transactions after the balance sheet date.
outlook
The statements made in the “Prospects” section of the Group management report for 2011 generally remain
valid as regards the medium-term growth prospects for container shipping.
Developments in important macroeconomic and sector-specific factors
Influencing factor Developments in Q3 2012 Consequences in Q4 2012
Global economic
growth
Transport volume
Further reduction in the growth forecasts
and increasing threat of a global recession
Global demand for container transport services
continues to increase slightly in 2012
Weaker growth in volumes
Slightly positive impact
Transport costs Rise in bunker consumption prices Negative impact on costs
Freight rates Further increases in rates announced Consequences unclear as weak global
economy makes implementation difficult
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