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’.
Related: European Shippers’ Council acts on bunker surcharges
Photo credit: Hapag-Lloyd
Published: 2 July, 2018
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