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            january 20, 2019

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Hapag-Lloyd narrows loss 40.9pc to US$40.8 million, sales soar 23.8pc


German shipping giant Hapag-Lloyd narrowed quarterly net loss 40.9 per cent to EUR34.3 million (US$40.8 million), drawn on first quarter revenues of EUR2.6 billion, which increased 23.8 per cent, according to Shipping Gazette.
"We have had a solid start into the current year, but the market environment is challenging," said Hapag-Lloyd CEO Rolf Habben Jansen.
"Freight rates have been under pressure, bunker costs and trucking cost in some important markets were up and we faced a weaker dollar, whereas higher transport volumes and synergies supported the result.
"We expect a gradual improvement of the market throughout 2018 - but most of that will only hit the books in the second half of the year," he said.
The shipping giant has completed the first quarter 2018 with earnings before interest, taxes, depreciation and amortisation (EBITDA) of EUR219.4 million, an increase of 62.1 per cent year on year.
The figures of the first quarter 2018 include United Arab Shipping Company (UASC) and can therefore only be compared to a limited extent with the figures of the first quarter 2017 without UASC.
Earnings were also impacted by a lower average exchange rate of 1.23 US$/EUR (first quarter 2017: 1.07 USD/EUR) and higher bunker prices of US$372/tonne in the first three months 2018 (first quarter 2017: US$313/tonne).

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