Hapag-Lloyd Cuts Losses in Q1 2013

Press Release
Monday, May 20, 2013

The company reports its earlier loss significantly reduced in first quarter 2013 financial results.

Financial highlights:

  • Freight rate up 4.2% year on year
  • Slight increase in transport volume
  • Revenue growth of 3.1%
  • Loss significantly reduced
  • Rates under pressure again since April

The company reports that Although its operating environment has remained challenging, Hapag-Lloyd finished the first quarter of this year in a much better position than last year.

As expected, the Company posted a loss in what is traditionally the weakest quarter of the year for the liner shipping sector. However, it halved its loss before interest and taxes compared with Q1 2012.

Revenue came to EUR 1.65 billion in the first three months of 2013 - an increase of 3.1% on the same period of the previous year. This was mainly attributable to a rise in the average freight rate, which was 4.2% up on the previous year at USD 1,546/TEU.

“Liner shipping started 2013 on a higher level than in 2012. However, the competition remains extremely challenging. Rates have come under tangible pressure since April, especially on the important East-West routes, and competition is also becoming tougher on Latin America trades,” said Michael Behrendt, Chairman of the Executive Board of Hapag-Lloyd.

He concluded: “It is important that rates soon return to a sensible, profitable level. This is absolutely essential and in the interests of everyone who relies on a functioning, reliable maritime shipping industry - from shipping lines to shippers. We cannot afford a repeat of last year's non-existent peak season.”

 

Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

5th Floating Accommodation for Lerwick

A further accommodation ship, Ocean Atlantic, is due at Lerwick on Monday 27 April 2015 and is on its way from Portland in Dorset. As with the other floating accommodation at the port,

Double Order for Super Gloria Reachstacker

Kalmar, part of Cargotec, has gained an order for two Super Gloria reachstackers from Tadarsa Logistics S.L. in Aviles, Spain. The largest reachstackers ever built,

BIMCO Welcomes EU Decision on Migrants

BIMCO has stated today that it appreciates the new efforts by EU leaders to reduce increasing reliance on merchant shipping to rescue the growing numbers of

Finance

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

Long Beach, Los Angeles ports host forum to gather input

More than 100 cargo owners, trucking firm leaders, longshore labor, marine terminals and other goods movement industry representatives turned out Wednesday for

Venezuela Probes ex-minister accused of corruption in Ferry Deals

A former minister in President Nicolas Maduro's government denied in an interview published on Friday accusations of corruption during the purchase of three

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1478 sec (7 req/sec)