Hapag-Lloyd posts top + bottom line decline in 1Q 2023: Hapag-Lloyd AG reported a 54.6% y-o-y fall in group income to EUR 1.9 bn in 1Q 2023, while revenues fell 29% y-o-y to EUR 5.6 bn, according to the company’s financials (pdf). The fall in the company’s revenues was attributed to lower transport volumes — which fell 4.9% y-o-y — as well as a 27.9% decline in average freight rates on the back of lower demand and normalization of supply chains. The company expects a “gradual normalization of the earnings trend” for the remainder of the year.

OTHER THINGS WORTH NOTING-

  • Italian exports to China tripled in just over a year, with Italian exports of medications to China seeing a whopping 1490% rise y-o-y to EUR 1.85 bn in 1Q 2023, amid a wider trend of shifting regional trade and heightened demand for chemicals used in covid-19 treatments in China. (Bloomberg)
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