News / More boxes but lower rates adds up to a massive loss for Hapag-Lloyd in 2013

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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 ...