Hapag-Lloyd slashes profit forecast as freight rates struggle to recover

Monday, 2 July 2018 00:00 - - {{hitsCtrl.values.hits}}

FRANKFURT (Reuters): German container shipping line Hapag-Lloyd slashed its full-year profit forecast, saying that freight rates had recovered more slowly than expected while fuel and charter costs had ballooned.

“These developments cannot be fully offset by cost saving measures that have already been initiated,” it said, It said it now saw 2018 earnings before interest, tax, depreciation and amortisation (EBITDA) coming to between 900 million and 1.15 billion euros ($1.05-1.34 billion), compared with 1.05 billion in 2017.

It had previously said it saw EBITDA rising this year.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.