APMM floats along on 'solid' Q1 profitability in Ocean, well prepared for choppy water
Despite President Trump’s claim this week that Yemen’s Houthi rebels had “surrendered to the US” ...
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By Mike Wackett
Germany’s Hapag-Lloyd’s financial performance in 2013 fell “well short” of expectations, with the ocean carrier reporting a €97.4m (US$134m) loss – the consequence of carrying more containers at lower rates.
Revenue slipped from €6.8bn in 2012 to €6.6bn last year, with the average freight rate falling to $1,482 per teu against the $1,581 achieved in 2012.
Outgoing chairman Michael Behrendt blamed the continued market “irrationality” which, he bemoaned, Hapag-Lloyd had been “unable to avoid”.
Clearly however, Hapag-Lloyd was not prepared to concede market ...
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