High bunker prices hit Hapag-Lloyd results

Ongoing bunker price rises contributed to a tough first quarter of 2017 for Hapag-Lloyd with a loss of €62.1m (US$67.9m) despite an increase in transported volumes.

Average bunker prices were the highest level seen since June 2015 at US$313 per tonne, up from last year’s figure of US$197 per tonne.

During the quarter, the average freight rate was US$20 lower than in the equivalent period last year.