Hapag-Lloyd suffers loss
Germany-based shipping company Hapag-Lloyd has suffered a US$103m loss last year amid significantly lower freight rates.
The group’s loss compares to a US$126m profit made the previous year.
The company’s revenue went down by 13% year-on-year to US$8.5bn in 2016, mainly due to a 15% fall in the average freight rate to US$1,036/teu last year.
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