NEWS: The Loadstar - "Look At Costs" As Freight Rates Are "Unsustainable"

The Loadstar

 

Hapag-Lloyd saw its second-quarter net profit slump 77% on the previous year, to $1.1bn, despite benefiting from a bottom line boost of $212m from interest and other financial items.

“Weaker demand and lower freight rates are having a noticeable impact on our earnings,” said CEO Rolf Habben Jansen this morning, adding that freight rates on some tradelanes were “unsustainable”.

He explained that freight rates ‘normalising’ to the pre-pandemic levels of 2019 would mean loss-making voyages, given that operating costs on some routes had subsequently increased by 20% to 30%.



Read more here. . . "Look At Costs" As Freight Rates Are "Unsustainable"