17 November 2014

[171114.EN.SEA] Hapag-Lloyd Losses Mount Ahead of CSAV Merger, Despite Higher Volumes

GERMANY's Hapag-Lloyd, only weeks away from its merger with Chile's CSAV, posted a 50 per cent year-on-year drop in third quarter operating profit to EUR33.1 million (US$41.2 million).

The company saw its net profit fall deeper into the red at $50.7 million, posting a widening loss for the first nine months of the year to EUR224 million from EUR56.1 million the year before.

Hapag-Lloyd CEO Rolf Habben Jansen described the performance unsatisfactory but maintained that the group was on the right strategic path.

He spoke of significant operational savings and cost synergies totalling €EUR300 million yet to be exploited from the planned integration with Chilean carrier CSAV.

Hapag-Lloyd's container liftings increased six per cent to 4.3 million TEU in the first nine months, but revenues fell by 2.5 per cent because of weak freight rates and the depreciation of the dollar versus the euro with per-box yield, falling five per cent to $1,432 per TEU.

Source : HKSG.

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