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Hapag-Lloyd CEO Optimistic that Shipping Markets will Rebalance

Maritime Activity Reports, Inc.

November 23, 2023

Credit: Maren Winter/AdobeStock

Credit: Maren Winter/AdobeStock

Global shipping markets, which are due to add more capacity than anticipated demand will support, have a good chance of rebalancing within two years, the chief executive of Germany's Hapag-Lloyd told reporters on Thursday.

"The gap between supply growth and demand growth is possibly smaller than people think and therefore, the outlook that the market may recover to a more balanced situation in one or two years is better than most people feel," said CEO Rolf Habben Jansen.

The company, the world's number five in container shipping, earlier this month said it will cut some services to save costs and stem falling profits as freight rates dived.

(Reuters - Reporting by Vera Eckert, editing by Miranda Murray)