Hapag-Lloyd CEO eyes growth via consolidation

[HAMBURG] German shipping company Ha pag-Lloyd's merger talks with Chile's Vapores may herald further deals with other peers, its chief executive said, as the group strives to catch up with the industry's top three players.

"The aim should be to create something bigger by merging several companies," Michael Behrendt told Reuters. "It is my goal that we can catch up with the top three. I may not be able to achieve this during my time, but perhaps make a step in that direction," he added.

Hapag-Lloyd, the world's No 5 container shipping company by capacity, last week said that it was in talks to merge with smaller Chilean shipper Compania Sud Americana de Vapores.