GERMAN
container shipping firm Hapag-Lloyd is benefitting
from a rebound in transport demand but its chief executive, Rolf Habben Jansen, warned about the
longer-term impact on economic activity from the coronavirus.
"We
see a recovery, which started probably some time in the course of third
quarter, and we would expect that to continue going into 2021," said Mr
Habben Jansen.
"But
there will be a clear long-term effect on the global economy from Covid-19,
which will have an impact on the flow of goods," he added.
The
world's number five container line will report nine-month earnings on November
13, having doubled its net profit in the first half of 2020 when it maintained
its full-year outlook.
Hapag-Lloyd's
profitability was boosted by cost reductions, lower shipping fuel prices than a
year ago and recovering demand, especially on Transpacific routes, Mr Habben
Jansen said.
A
number of banks have been raising their target price for Hapag-Lloyd in recent
weeks, citing stronger trends in freight pricing.
Rival
Maersk, the world's number one container line, has also proved resilient
in the crisis, reports New York's MarineLink .
Freight
rates on Asia-Europe runs have increased in recent weeks and were stable
elsewhere, as were bunker prices for the time being, Mr Habben Jansen said.
However,
broker estimates see global transport volumes down by around 11 per cent
annually in 2020, meaning operators must adjust capacity to demand to protect
incomes, he added.
Source : HKSG.
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