On 23 March the Hamburg consortium acquires 56.67 percent of Hapag-Lloyd’s
shares, with 43.33 percent remaining with TUI. The year is overshadowed by the
economic crisis, with a steep drop in revenues and earnings. An exceptional programme
of savings is implemented, while various initiatives on capital by the owners
strengthen the shipping line’s equity base. The City of Hamburg and the German
government make available a credit guarantee. With the market environment becoming
increasingly stable during the second half of the year, however, this guarantee
is not needed in 2009.