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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Gulf Island Fab Sign Bechtel Offshore Cooperation Agreement

Gulf Island Fabrication, Inc. says it has signed a cooperative agreement with Bechtel Oil, Gas, and Chemicals, Inc. to work together to pursue opportunities for offshore projects for the U.

Crowley Christens New DP2 Tugboat 'Ocean Sky'

Crowley Maritime Corp. says that the third of four tugboats in the Ocean-class series, 'Ocean Sky' has been christend  in Houston.  The ceremony served to formally

Finance

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop,

DoD Awards Ingalls 'USS Ronald Reagan' Contract Modification

U.S. Department of Defense (DoD) informs that Huntington Ingalls Inc., Newport News, Virginia, is being awarded a US$13,759,894 modification to previously awarded cost-plus-award-fee,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1268 sec (8 req/sec)