The German government is ready to provide Hapag-Lloyd with state loan guarantees worth $1.759 billion, a government official told Reuters on Monday, speaking on condition of anonymity. The guarantee is the amount which the shipping line, which is owned by German travel company TUI AG and Albert Ballin, had sought. Hapag-Lloyd lost $274.3 million in the second quarter ended June 30, compared to a profit of $164 million in the same period last year, on declining trade volume and freight rates.

From the Journal of Commerce