Hapag-Lloyd full year loss widens to $165m

Hapag-Lloyd posted a full year loss of €128m ($164.8m) compared to a loss of €28.8m in 2011.

The newly rising energy costs, of which bunker is the largest component, burdened the liner shipping sector also in 2012 again, according to the carrier.

It pointed out that bunker prices soared to record levels in excess of $720 per metric tonne in the first half of 2012 in particular. Hapag-Lloyd had to spend 9% more last year with an average bunker price of $660 per metric tonne, after a 34% increase the year before. Overall, transport expenses in 2012 were up more than €900m over the previous year, it revealed.

Revenue, however, rose 12.1% year-on-year to €6.84bn due largely to favourable exchange rate movements.

Michael Behrendt, ceo of Hapag-Lloyd, said: “Our goal for the current financial year is to achieve a solid improvement in earnings with the help of our already announced rate increases and further cost reductions in order to be able to distribute a dividend again.”

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