Multinational German-based transportation company Hapag-Lloyd Friday adjusted its outlook for the financial year 2018, causing shares to fall by about 10% at end of trading on the Frankfurt Stock Exchange.
“Based on the development of the initial five months and the expected business performance for the remainder of the financial year 2018, the Executive Board of Hapag-Lloyd AG has decided today to revise its current outlook for the Group-EBIT and Group-EBITDA for the ongoing financial year 2018 (previous outlook for both: clearly increasing),” it said in a note to investors.
“Reason for that is an unexpectedly significant and continuing increase in the operational costs since the beginning of the year, especially with regard to fuel related costs and charter rates combined with a slower than expected recovery of freight rates.
“These developments cannot be fully offset by cost saving measures that have already been initiated.”
The recent rise in bunker surcharge by other shipping firms such as Maersk, CMA CGM, and ONE were the focus of The European Shippers’ Council in a recent statement saying the development was ‘unjustified’.
Photo credit: Hapag-Lloyd
Published: 2 July, 2018
The bank is filing an application for pre-action discovery at the High Court of the Republic of Singapore in order to ascertain its future direction of proceedings against Sinfeng, according to court documents.
‘We need to keep in mind the saying “penny wise pound foolish”,’ says Captain Rahul Choudhuri, the Managing Director AMEA at VPS, who stresses on the essential role of the Bunker Surveyor.
Legal representatives met at the High Court on Tuesday to discuss the discharge of KPMG liquidators from all liability in respect of conduct in the course of winding up, show court documents.
Global sentence adjusts to 80 month’s imprisonment term for both Chang and Koh under application of the Masui sentencing framework; fine of SGD 6.2 million against Chang remains unchanged.
Company has been ranked EIGHTH for 2020; ‘we are humbled and proud to be placed amongst the top ten winners of the Enterprise 50 Awards,’ says Satnam Singh, COO, Sing Fuels.
Mads Bjornebye, Manager of Bunker Services at Teekay Tankers Ltd, shares about the company’s perspective of e-BDNs, bunker purchasing & planning tools, while offering his thoughts on future marine fuels.