In a statement Hapag-Lloyd said it had adjusted its outlook for 2016 blaming lower freight rates, higher bunker costs and, ironically integration costs with UASC.
The German container line said it had revised its expectation for both EBIT and EBITDA to “clearly decreasing compared to the previous year.
In particular the company highlighted falling container freight rates with an average rate of 1,019 per teu in Q2 2016, some $245 lower than the $1,264 per teu reported in the same period in 2015. While rates have seen some improvement in recent weeks it said, “The recovery at the beginning of July does not seem sufficient and sustainable enough.”
In addition Hapag-Lloyd noted that bunker costs had increased in Q2 and that its merger with UASC, signed on Monday, would see one-off costs that would impact its 2016 results.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
