TUI’s Financial Performance Brings Hapag-Lloyd Restructuring

The Europa 2 was just delivered for Hapag-Lloyd Cruises. (photo: Oliver Asmussen)The TUI Group has confirmed changes are coming for Hapag-Lloyd Kreuzfahrten following a six-month financial report recently released.

Earlier today, TUI confirmed a new chief executive at Hapag-Lloyd in Karl J. Pojer.

According to the group, at around 121 million euros in revenue in the cruise sector – including both TUI Cruises and Hapag-Lloyd, turnover rose by about 18 percent year-on-year (previous year 102 million euros) in the first half of the financial year. 

This was attributable to the expansion of capacity due to Columbus 2. No turnover is reported for TUI Cruises as the joint venture is measured at equity in the consolidated financial statements. 

The operating result (underlying EBITA) declined to -11 million euros (previous year -6 million euros) in the first half of the year. 

TUI Cruises continued its positive development and increased the average rate per passenger per day from 130 euros to 135 euros. At 100 percent, the load factor matched the very good level achieved in the previous year, said the company. 

The load factor of the Hapag-Lloyd Kreuzfahrten fleet, by contrast, decreased considerably to 70 percent (previous year 75 percent). The average rate per passenger per day grew from 389 euros to 417 euros.

A restructuring program has been launched for Hapag-Lloyd Kreuzfahrten. It includes cutting non-compensation and staff costs. The load factor of the fleet is to be improved in the short term by means of additional distribution measures, said a statement.

Moreover, an adjustment of the fleet structure is being examined.

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