Smoother waters after a dismal year for Hapag-Lloyd
Hapag-Lloyd made a profit in the first three months of 2010 as increased cargo volume and higher freight rates ended a run of five consecutive quarters in the red. Germany’s largest ocean container carrier booked a slim operating profit of $17.4 million against a year-earlier loss of $ 282 million.
Revenue grew 13.4 percent to $1.6 billion from $1.42 billion, driven by a 5 percent increase in container traffic and an 8 percent rise in freight rates. The return to profit — after a loss of over $1 billion in 2009 — was also due to the successful implementation of a cost-cutting program.