Hapag-Lloyd Slides to Operating Loss on Freight-Rate Slump
By Adria Calatayud
Hapag-Lloyd reported a swing to an operating loss for the fourth quarter after revenue more than halved, hit by sharply lower freight rates.
The German shipping company posted a loss before interest and taxes of about 200 million euros ($216.7 million) for the fourth quarter compared with a profit of EUR3.3 billion in the same period a year earlier, according to preliminary figures released Tuesday.
Revenue for the quarter dropped to EUR3.8 billion from EUR7.8 billion. Earnings before interest, taxes, depreciation and amortization fell to about EUR300 million from EUR3.8 billion.
Hapag-Lloyd attributed the results to lower freight rates resulting from the normalization of global supply chains.
The average freight rate for the quarter was down by about 55%, while transport volumes were slightly higher, Hapag-Lloyd said.
The company said it will publish its full results on March 14.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
January 30, 2024 02:00 ET (07:00 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
After Earnings, Is Baidu Stock a Buy, a Sell, or Fairly Valued?
-
Why Stocks Are Hitting Record Highs—and What Could Send Them Back to Earth
-
5 Stocks to Buy While They’re Trading at Big Discounts
-
Markets Brief: Tech Stocks Lead Ahead of Nvidia Earnings
-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
After Earnings, Is Uber Stock a Buy, a Sell, or Fairly Valued?
-
Lowe’s Earnings: Tumultuous Macro Weighs on Near-Term Results but Fails to Sway Our Long-Term View
-
Macy’s Earnings: Plan Taking Shape Despite Tough Environment
-
JPMorgan Investor Day: CEO Dimon Pushes Against More Stock Buybacks at Current Prices
-
Should You Buy and Hold an Artificial Intelligence Portfolio?
-
3 Cheap and Dependable Dividend-Growth Stocks to Buy
-
The Best Bank Stocks to Buy
-
After Earnings, Is Roblox Stock a Buy, Sell, or Fairly Valued?