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Preliminary full-year 2016 results from Hapag-Lloyd indicate the continuance of the “more for less” theme that characterised the freight sector last year.
Despite a 2.7% increase in volumes, from 7.4m teu in 2015 to 7.6m teu, and a 12.3% fall in the cost of transport, the carrier reported a 12.5% decline in revenue, down from $9.3bn to $8.14bn.
In a statement, the carrier said the downturn was primarily due to significantly lower average freight rates in 2016.
Its own average rate fell 15.4% year-on-year, from $1,225 per teu $1,036 per teu.
It also reported a full-year dip of 26.9% in EBITDA, down from $879m to $642m.
However, as with many other companies throughout the logistics sector, there was a fourth-quarter boost in which EBITDA more than doubled (up 60.9%) from $148.5m in 2015 to $239m.
A breakdown of the preliminary results can be found here, while the final full-year 2016 group financial statements and annual report will be published on 24 March.
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