What is happening: Hapag-Lloyd have re-entered profit after a huge third quarter. The company had lost money from the first half of 2018. They finished the nine month period with $15m profit.
Numbers: The company carried 3.1m teu on 222 ships during Q3. This was a 9% increase from last year. The average freight rate was $1,055, with a revenue of $3.54B. Hapag-Lloyd announced a quarterly EBIT of $252m and a net profit of $137m.
Issues: Companies like Hapag-Lloyd will be hit hard by Trump’s new tariffs and the 0.5% sulphur cap regulations.
Low-sulphur: Hapag-Lloyd expect added costs of $1B per annum for low-sulphur compliance.
What did chief executive Rolf Habben Jansen say: “We have seen a positive development in the third quarter and also ended on a positive net result after nine months. Despite the persistent upwards pressure on the operational costs in various parts of our business, we remain cautiously optimistic for the rest of the year.”