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De-stocking hits Hapag-Lloyd

[ May 11, 2023   //   ]

Hapag-Lloyd said that its EBIT earnings decreased to US$1.9 billion (€1.7 billion) compared to the same quarter last year, and the Group profit was also below the prior-year level, at US$ 2 billion (€1.9 billion). Transport volumes were 4.9% lower than in the first quarter of last year, at 2,842,000teu (Q1 2022: 2,987,000teu owing to destocking and weaker overall global demand. The lower average freight rate of $1,999 vs $2,774 was particularly responsible for the decline in revenue, which decreased to $6 billion.

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