Friedrich Joussen said that an IPO of Hapag-Lloyd, in which TUI holds a 22 percent stake, was not dependent on a run of two or three quarters with good results, as his predecessor had often said, and that as soon as the IPO market showed positive signs, the chance should be seized.

However, given the planned change in management at Hapag-Lloyd in mid-2014 and continuing tough conditions in the shipping industry, an IPO was not likely before autumn 2014, he told journalists in Hamburg. (Reuters)