The loss is "lower than those of all other shipping lines we know of," because Hamburg-Sud refused to accept freight rates that didn't cover operating costs, chief executive Ottmar Gast told the Hamburger Abendblatt newspaper. He did not put a figure on the loss.

Revenue shrunk to $4.64 billion from $6.53 billion in 2008 and container traffic dropped 14 percent to 2.3 million 20-foot equivalent units from 2.7 million TEUs a year earlier.

Hamburg-Sud did not receive any outside aid, either from its parent, the privately-owned Oetker group, or from public sources, Gast said.

Germany's biggest ocean carrier Hapag-Lloyd received more than $2 billion in capital and loans from its shareholders as well as $1.8 billion of government loan guarantees. It lost $986 million in the first nine months of the year.

Hamburg-Sud is due to take delivery of 12 containerships through 2012, of which 10 have a capacity of 7,000 TEUs and will be deployed on South American routes.

Hamburg-Sud is the world's sixteenth largest carrier with a fleet of 104 owned and chartered ships with a combined capacity of 310,477 TEUs and a 2.3 percent market share, according to Alphaliner, the French container shipping consultancy.

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