German tourism and shipping group TUI boss Michael Frenzel is touring Asia to market container shipping business Hapag-Lloyd, which the group has put up for sale, reports Reuters India.

Mr Frenzel is sounding out potential buyers in Singapore, Hong Kong and Japan for the shipping business, which has 140 ships and generated 6bn euros ($9.22 billion) in sales last year, a Reuters source said.

The TUI chief executive is reportedly set to meet Neptune Orient Lines (NOL) in Singapore, Orient Overseas in Hong Kong, and NYK in Tokyo this week.

Japan's Mitsui OSK Lines (MOL) and Kawasaki Kisen Kaisha ( (KKK) are not on the list of companies to visit, the source said.

But shipping experts believe potential Asian bidders could include China Shipping Container Lines (CSCL), Cosco STX Pan Ocean and Hyundai Merchant Marine `HYGR.UL`.

NOL, the world's eighth-biggest container shipping group, has already been in talks with Hapag-Lloyd and is perceived as one of the top bidders, Reuters reports. Its 120 ships generated sales of over US$8bn last year, primarily on Pacific routes that would round out Hapag-Lloyd's focus on Atlantic and Europe-Asia routes.

In Europe, world market leader Maersk , Switzerland's MSC and France's CMA CGM are considered possible suitors.

A group of German investors eager to keep Hapag-Lloyd based in Hamburg is also in the running, Reuters said.

Topics