Hapag-Lloyd’s results slashed by falling freight rates
Hapag-Lloyd has recorded a €42m (US$48m) loss year-on-year in the first quarter of 2016 hit by a sharp fall in average freight rate.
The company’s revenue went down from €2.3bn (US$2.6bn) in the first quarter of 2015 to €1.9bn (US$2.1bn) in the three months to 31 March, 2016, as the average freight rate fell to US$1,067/teu from US$1,331/teu in the same period last year.
The group’s transport volume rose by 2% to 1.81m teu in the first quarter of 2016 from 1.77m teu in the same period of 2015.
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