Moody's Investors Service, ("Moody's") has today change the outlook on the B1 corporate family rating ("CFR") of Hapag-Lloyd AG (Hapag-Lloyd) to negative from stable. Concurrently, Moody's affirmed the B1 CFR, its B1-PD probability of default rating (PDR) its B3 senior unsecured bond ratings. The shipping sector in general and container shipping sector in particular are dependent on world trade and activity demand for goods from industrial companies as well as consumers.