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MarketScreener Homepage  >  Equities  >  Xetra  >  Hapag-Lloyd AG    HLAG   DE000HLAG475

HAPAG-LLOYD AG

(HLAG)
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Hapag Lloyd : CMA CGM says it has sufficient security to operate in Persian Gulf

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07/07/2019 | 07:38am EDT

AIX-EN-PROVENCE, France (Reuters) - CMA CGM, the world's fourth biggest shipping company, said it has sufficient security measures in place to continue operating in the Persian Gulf region even as concerns mount over a possible dispute between Iran and major world powers.

The Persian Gulf is a key route for oil tankers, while container shipping companies often use the Suez canal route.

CMA CGM stopped services in Iran last year in light of U.S. sanctions but company chairman and CEO Rodolphe Saade said CMA CGM was still sailing through the Persian Gulf.

"We are continuing to go there," Saade told reporters at a business conference in Aix-en-Provence.

Asked if CMA CGM had stepped up security on vessels going through the Persian Gulf, Saade replied: "No, because the measures we have in place are already sufficiently elevated."

Iran said on Sunday that it was fully prepared to enrich uranium at any level and with any amount, in defiance of U.S. efforts to squeeze the country with sanctions and force it to renegotiate a 2015 nuclear deal with world powers.

Earlier in the week, an Iranian Revolutionary Guards commander threatened to seize a British ship in retaliation for the capture of an Iranian supertanker by Royal Marines in Gibraltar.

Major shipping companies such as A.P. Moller-Maersk, Mediterranean Shipping Co (MSC), CMA CGM and German container group Hapag-Lloyd all informed customers this week that they would raise prices on Gulf-bound containers.

Saade added on Sunday that CMA CGM's overall volumes of business were good, despite the impact of tensions in the Middle East and a trade dispute between the United States and China.

In May, CMA CGM reported a first-quarter net loss of $43 million, although group sales surged 36.9% to $7.41 billion, as earnings were impacted by slowing China-U.S. trade and higher lease costs.

(Reporting by Sudip Kar-Gupta; Editing by Sarah White and Elaine Hardcastle)

By Sudip Kar-Gupta

Stocks mentioned in the article
ChangeLast1st jan.
A.P. MØLLER - MÆRSK 0.94% 7562 Delayed Quote.1.87%
HAPAG-LLOYD AG 3.74% 55.5 Delayed Quote.138.84%
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Financials (EUR)
Sales 2019 12 580 M
EBIT 2019 726 M
Net income 2019 244 M
Debt 2019 5 692 M
Yield 2019 0,78%
P/E ratio 2019 41,3x
P/E ratio 2020 27,1x
EV / Sales2019 1,20x
EV / Sales2020 1,09x
Capitalization 9 403 M
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Number of Analysts 12
Average target price 34,48  €
Last Close Price 53,20  €
Spread / Highest target -11,7%
Spread / Average Target -35,2%
Spread / Lowest Target -53,0%
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Rolf Habben Jansen Chief Executive Officer
Michael Behrendt Chairman-Supervisory Board
Anthony James Firmin Chief Operating Officer
Nicolás Burr Garcia de la Huerta Chief Financial Officer
Karl Gernandt Member-Supervisory Board
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