!_

Hapag-Lloyd earnings dip in 1H 2023 amid falling demand: Container giant Hapag-Lloyd reported a net income of USD 3.1 bn in 1H 2023 and revenues of USD 10.8 bn, according to its earnings release. Transport volumes fell 3.4% y-o-y to 5.8k TEU, mostly due to reduced demand for container shipments along the Far East and European trade routes to North America. The decline in revenue was primarily attributed to a lower average freight rate of 1.76k USD/TEU, down from to 2.85k USD/TEU in 1H 2022.

Looking ahead: Hapag-Lloyd reiterated its previously announced outlook for the 2023 financial year, while noting that the ongoing war in Ukraine, geopolitical uncertainties, persistent inflationary pressures, and high inventory levels could all potentially adversely impact the forecast.

The economies of the world’s top exporters are faltering amid a slowdown in global trade , and could potentially drag other economies down, Bloomberg reported. The world’s three largest exporters — China, the US, and Germany — all saw declining trade figures in June. Nevertheless, major exporters with robust domestic demand to bank on, such as the US and Indonesia, have been less hard-hit by the decline in trade. Export-oriented economies such as China and Germany are more vulnerable, and until inventories decline and manufacturing ramps up again, are expected to have an impact on global growth.

ALSO WORTH KNOWING-

  • Mns of Amazon orders — and around 11 % of all items — in the US are now being delivered without its additional packaging , as part of the company's efforts to reduce its climate impact and to cater to customers that are concerned about excessive packaging waste. (The Wall Street Journal)
Tags: