Germany’s Klaus-Michael Kuehne has increased his holding in Hapag-Lloyd following travel company Tui’s exit from the Hamburg-based container line.
Mr Kuehne, who owns logistics giant Kuehne + Nagel, has raised his stake in Hapag-Lloyd from 14.1% to 17.6% in a vote of confidence for the carrier.
On Tuesday, Tui, which has had an investment in Hapag-Lloyd since it bought the company in 1998, sold its remaining stake to focus on its cruise activities.
Speaking to Reuters, Kuehne Holdings executive chairman Karl Gernandt said: "The ongoing shipping industry consolidation offers Hapag-Lloyd new growth perspectives and strengthens its positions among the most important shipping companies across the world."
Kuehne Holdings has been an investor in Hapag-Lloyd since the Hamburg-based rescue mission for the company was launched in 2008 in an effort to keep it out of the hands of NOL.
Hapag-Lloyd’s new ownership structure is: CSAV 22.6%, City of Hamburg 14.9%, Kuehne Holdings 17.6%, Qatar Holdings 14.4%, Saudi Arabia’s Public Investment Fund 10.1%. The remaining shares are in a free float.