TUI Shares Rise After Container Shipping Outlook Improves
06 Juli 2010 - 12:54PM
Dow Jones News
TUI AG's (TUI1.XE) shares soared on Tuesday after it raised its
guidance for its container-shipping operations, citing a recovery
in global container shipping.
TUI, a holding company with assets in tourism and shipping, owns
43.3% in container-shipping company Hapag-Lloyd AG (GD-HPL). Albert
Ballin GmbH & Co. KG owns the remaining 56.7%.
Hapag-Lloyd's positive trend from the first half of fiscal 2010
strengthened and TUI expects a clearly positive equity contribution
from the unit. TUI's financial year runs from October through
September.
At 1006 GMT, TUI shares traded up 8.1% at EUR7.50, outperforming
German mid-cap index MDAX, which traded up 3.2%.
"Transport volumes and in particular freight rates have
continually improved over recent months and are considerably up
year-on-year," TUI said in a statement.
In May, the company said its expected continued stability in
container shipping and predicted a positive equity contribution
from the unit.
Hanover-based TUI reiterated its outlook of stable adjusted
earnings before interest, tax and amortization in its core tourism
business. The company's tourism operations comprise mainly
U.K.-listed TUI Travel PLC (TT.LN), in which it holds a 54%
stake.
TUI sold a majority stake in Hapag-Lloyd in March 2009.
It will present further details with its third-quarter report
planned for Aug. 11.
-By Hilde Arends, Dow Jones Newswires; +49 69 29725 506;
hilde.arends@dowjones.com
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