Shipping company targets Shanghai

PUBLISHED : Friday, 26 May, 1995, 12:00am
UPDATED : Friday, 26 May, 1995, 12:00am

GERMAN shipping group Hapag-Lloyd expects to get a full operating licence for the Shanghai area this summer, executive board Gunther Casjens says.

Pending approval from Beijing, Hapag-Lloyd (China) has been set up in Hong Kong to look after the company's mainland operations.

Hapag-Lloyd operates in association with Panavico, the state-owned Chinese freight forwarder, and has representative offices in Beijing, Shanghai, Guangzhou, Tianjin, Xiamen, Dalian, Nanjing, Qingdao and Xingang.

Plans are to upgrade the Shanghai office into a branch after the China licence is issued.

Mr Casjens said the company would start issuing its own bills of lading in China from July 1.

The firm had a record net profit of 63 million deutschemarks (about HK$338 million) last year, up 57 per cent over 1993. Operating profit rose 77 per cent to 233 million marks.