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My colleague Mike Wackett reported last week that Hapag-Lloyd had announced a preliminary unaudited operating income, or Ebit, of just $20m in the fourth quarter, suggesting “the carrier suffered a net loss” in the last three months of the year.

Just how big is that loss, though? And what kind of risk does Hapag face this year, and next, if it doesn’t manage to return to the black?

These are obvious questions following its latest trading update.

Tidal ebb or flow?

I have written about Hapag ...

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