Hapag-Lloyd lowers Q2 loss

2012-08-23     点击率 1256

Group has more positive news after a weak first quarter, with an improved operating result

German shipping group Hapag-Lloyd has recorded a second-quarter (Q2) loss after soaring fuel costs offset increases in freight rates.

The container group′s net loss dropped to .3m from the 0.6m reported in 2011, aided by a boost in operating profit of 18 per cent to 0.8m in the three months through to June.

"High bunker prices in particular cause our expenses to increase dramatically – they are by far the biggest cost factor for our business,” CEO Michael Behrendt said in the group′s results statement. "Further rate increases are crucial to compensate for these elevated external costs. The cargo on board our vessels has to cover the cost of transportation."

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