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)
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