Alphaliner disputes Hapag-Lloyd valuations

Alphaliner disputes Hapag-Lloyd valuations

Paris: French box analysts Alphaliner have dampened speculation regarding the possible listing of Germany’s Hapag-Lloyd.

Investment banks Deutsche Bank, Goldman Sachs and Joh Berenberg, Gossler & Co for the IPO, Dow Jones reported on July 15, something Hapag-Lloyd refused to confirm when contacted by Splash.

Sources had told Dow Jones that Hapag-Lloyd, which merged last year with Chile’s CSAV, valued itself at $5.5bn, Alphaliner has disputed this figure.

“[T]he prospects of securing such a high valuation are low,” Alphaliner said in a report.

CSAV, which owns 34% of Hapag-Lloyd’s share capital, has a market capitalisation of only $977m based on its current share price on the Chilean stock exchange, Alphaliner noted. This implies a market valuation of less than $3.0bn for Hapag-Lloyd, the French company wrote.

As well as the mooted IPO, Hapag-Lloyd has been linked with taking over Singapore’s Neptune Orient Lines, which runs boxline APL.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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