News / Hapag-Lloyd in choppy water as volatile market sinks profits

© Nils Prause

Hapag-Lloyd ended 2023 with a net profit of just $3.2bn, compared with $18bn the previous year, as its average freight rate – on flat liftings of 11.9m teu – plunged from $2,863 per teu to $1,500.

Moreover, the German liner and terminals group fell into the red in the fourth quarter of last year, with an operating loss of $251m, as that average collapsed to $1,190 per teu during the period.

Hapag-Lloyd said for the current financial year, it expects its EBIT ...