Hapag-Lloyd Sees Better Market, Lower Costs Boosting 2016 EBIT

German container shipping group Hapag Lloyd said it expected a clear increase in operating profit this year thanks to a market recovery, cost cuts and synergies from its merger with Chilean shipper CSAV.

Its earnings before interest and tax (EBIT) had swung to a 366 million euro profit in 2015, from a year-earlier loss of 383 million. It swung to a net profit of 114 million euros from a 2014 loss of 604 million, Hapag-Lloyd said on Wednesday.

Hamburg-based Hapag-Lloyd completed a merger with Compania Sud Americana de Vapores (CSAV) in December 2014.


($1 = 0.8947 euros)

(Reporting by Maria Sheahan; Editing by Christoph Steitz)