Liners plan more rate hikes to halt renewed container spot rates decline
After last week’s hiatus, container spot freight rates on the Asia-Europe trades resumed their downward ...
Photo: Hapag-Lloyd.
Despite seeing first-quarter carryings increase 6.8% to 3m teu, German carrier Hapag-Lloyd saw revenues and earnings decrease year-on-year due to lower average freight rates, which declined from $1,999 per teu in the first quarter of 2023 to $1,359.
As a result, revenues fell 24% to $4.26bn while Ebit was slashed by 83.5% to €365m, compared to the first quarter Ebit of €1.47bn in 2023.
Its recently formed Terminals & Infrastructure unit recorded revenues of €98m and an Ebit of €16m.
“Even though our ...
Comment on this article