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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

First German-Latvian Maritime Forum in Riga

On 19 May, Ziemelblazma Culture Palace in Riga, the Latvian capital was the venue for a meeting between numerous representatives of the Ports of Liepaja, Riga, Ventspils, Lübeck, Kiel and Hamburg.

Shipping Corp Seafarers on Hunger Strike

Around 200 seafarers with Shipping Corporation of India (SCI), the country's largest shipping company, are on a hunger strike (industrial action) since Saturday over wages and arrears.

Elektrans Shipping Appoints Deepak Arora as MD

Elektrans Group announced the promotion of Capt. Deepak Arora to Managing Director of Elektrans Shipping Pvt. Ltd.    Capt Arora has been with the Elektrans

Finance

Harding Sold to Palfinger

The PALFINGER Group has signed today the acquisition of 100 per cent of the shares in Herkules Harding Holding AS and thus, the globally operating Harding Group.

Singapore Shipping Profits Up

Singapore Shipping Corporation(SSC)'s  net profit increased 7.8 per cent to US$9.6 million for the financial year ended March 31, 2016, compared to the previous year.

Shipping Corp Seafarers on Hunger Strike

Around 200 seafarers with Shipping Corporation of India (SCI), the country's largest shipping company, are on a hunger strike (industrial action) since Saturday over wages and arrears.

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority 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: 0.0982 sec (10 req/sec)