In relation to the ongoing media speculations about the future of "Kien Hung", the Management of Kien Hung and Hamburg Süd advise that they have concluded an agreement in principle for the take-over of the Kien Hung liner business activities by Hamburg Süd.

The intention of both companies is to conclude final negotiations and hand over of the business to Hamburg Süd until the end of March.

Kien Hung - after 20 years of successful operation in the container liner business - have realized that the fluctuation and volatility of the business
are difficult to sustain for a smaller operator. They have therefore decided to sell the business to Hamburg Süd.

For Hamburg Süd the strengthening of their Far East to South America business is a consequent step in their strategy as a major North / South operator.